NAIROBI (Reuters) – Kenyans abroad sent home a record $641.9 million in 2010, a 5 percent increase from the previous year, central bank said on Tuesday.
Remittances are the fourth-largest source of foreign exchange in east Africa’s biggest economy after tea, horticulture and tourism.
Kenyans sent a total $65.6 million in December, the highest amount sent in a single month during the whole year.
The funds sent home are typically used on investments such as real estate and equities, or to help families pay for bills such as medical expenses or school fees.
Remittances added up to $609.2 million in 2009 and $611.24 million in the previous year.
Source: Reuters
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