Cash remittances by Kenyans up 7 per cent

Published on 23/01/2009

By Macharia Kamau and Reuters

Despite the global recession, remittances by Kenyans abroad, a key source of hard currency, grew 6.6 per cent to $611 million (Sh49 billion) last year, Central Bank has said.

However, the growth was much slower than the 41 per cent rise the previous year when the remittances stood at $573.6 million (Sh46 billion).

The increase was in spite of analysts predicting a drop in the amount remitted to the country due to the financial crisis that hit major world markets. Read more