Saturday, 1 August 2009

Kenya: Diaspora remittances drop as job losses rise

By Morris Aron

Remittances from the Diaspora fell to the lowest level since January raising the uncertainty bar over the direction the flow is likely to take in the coming months after the US and UK reported massive layoffs last month.

Remittances fell to just over $46,347 (Sh3.6 billion) in June since peaking at $55, 361 (Sh4.3 billion) in March.

Analysts say that if the trend is sustained in the medium to long term, sectors of the economy that rely on remittances — such as real estate, construction — and households are likely to be negatively affected. Read more

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