NAIROBI: Remittances from Kenyans abroad rose 38 percent to $99.5 million in June compared with the same month a year ago, but were down slightly from the $101 million sent in May, central bank data showed on Thursday.
Remittances are one of the main sources of foreign exchange for east Africa's biggest economy alongside tea, horticulture and tourism. The country received a record $891.1 million in remittances in 2011.
Cumulatively, Kenyans abroad sent a total $596.2 million in the first six months of this year, compared with $406.6 million in first half 2011.
The central bank said North America accounted for 45 percent of the total remittances, followed by Europe with 30 per cent.
Usually, Kenyans living abroad send money home to help their families and for investment in various sectors, including real estate.
More recently, the central bank says they have also started investing in government securities targeted at them, such as infrastructure bonds and the Savings Development Bond.
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