RemittancesGateway.org

Kenya remittances down marginally in Oct: c.bank

Monday, 06 December 2010 10:47

Kenyans living abroad sent home some $58.5 million in October, close to September's $58.6 million and higher than $53.04 million in the same month a year ago, the Central Bank of Kenya said on Friday.

Cumulative remittances for the first 10 months rose to $519.95 million compared with $504.6 million in the same period a year ago.

Usually, Kenyans living abroad send money home to help their families and for investment in various sectors in east Africa's biggest economy, including real estate.

Remittances are one of the main foreign exchange earners for east Africa's biggest economy along with agricultural exports and tourism.

Currency traders say end-year remittance flows should help support the shilling in the run-up to the festive period.

Kenya received a record $611.2 million in remittances in 2008.