Tue 30 Dec 2008, 13:59 GMT
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NAIROBI (Reuters) - Foreign exchange remittances by Kenyans abroad totalled $571 million over Jan-Nov, a 7 percent increase over the $532 million sent during the same period last year, central bank statistics showed on Tuesday.
Remittances have become a leading source of hard currency along with tourism, horticulture and tea exports. They totalled $573.6 million in 2007.
Kenyans send money back home typically to invest in stocks and real estate or to help families.
Flower and vegetable exports earned $1 billion last year while tea sales brought in $572 million. But these earnings could drop this year due to the global financial crisis.
Typically, Kenya's currency is affected day-to-day by fluctuations in dollar supply from tourism, agricultural exports and remittances on one hand and demand by importers on the other. Source
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