Tuesday, 8 December 2009

Kenyan remittances slip in October to $53 mln

NAIROBI (Reuters) - The amount of money sent home by Kenyans abroad fell to $53.04 million in October from $53.35 million the month before and the central bank said on Monday that cumulative remittances had dropped 4 percent this year.

Remittances are the third-biggest source of foreign exchange for east Africa's biggest economy, following agricultural exports and tourism.

Kenyans sent home $504.60 million over January-October compared with $527.14 million over the same period last year, but up from $476.66 million in first 10 months of 2007.

Remittances in 2008 totalled a record $611 million, which the central bank says was as a result of Kenyans in the diaspora responding to cushion relatives against the multiple shocks of drought-induced inflation and post-election violence. Read more

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