Counting foreign currency. Remittances are the fourth-largest source of foreign exchange in Kenya's economy after revenue from tea, horticulture and tourism. Photo/FILE
Kenyans abroad sent home $81.3 million in October, up 39 percent from a year earlier, while remittances in the first 10 months of the year hit a record $725.1 million, well above 2010’s full-year total, the central bank said on Monday.
October’s remittances were, however, slightly down on the $84.9 million recorded a month earlier.
Remittances are the fourth-largest source of foreign exchange in Kenya’s economy after revenue from tea, horticulture and tourism.
“The average remittances inflow in the year to October 2011 amounted to $70 million up from $52 million recorded in the year to October 2010,” the Bank of Kenya said in a statement.
Remittances ahead of the festive season have been one factor helping to push the Kenyan shilling to a nine-month high.
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