RemittancesGateway.org

Kenya remittances leap 42 pct yr/yr in Jan

Thursday, 17 March 2011 08:30

Remittances to Kenya leapt 42 percent in January from a year earlier to $64.14 million, but were down slightly on the previous month, central bank data showed on Wednesday.

Remittances are the fourth-largest source of foreign exchange in east Africa's biggest economy after revenue from tea, horticulture and tourism.

"The improved performance reflects continued economic recovery in source markets, and a favourable domestic economic environment," said Charles Koori, director of research at the Central Bank of Kenya.

 Kenyans sent home a total of $65.62 million in December, capping a record year for remittances to the country where money sent home is typically invested in equities or property, or used to help pay routine bills and medical charges.