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Remittances jump 20 pct in August from last year

26 September 2014, 16:34

Nairobi - The amount of remittances sent into Kenya by its citizens living abroad jumped 20.34 percent in August from the same month last year, the central bank said on Friday.

Like other African economies, Kenya sees funds sent home for various reasons like support for relatives, as a vital source of foreign exchange, supplementing export earnings and helping to support the shilling.

The East African nation received $128.8 million during the month, up from $107 million in the year ago period, data from the central bank showed.

Fears over the impact of frequent gun and grenade attacks, blamed on Islamists, on the tourism sector, another key source of foreign exchange, have weighed on the shilling this year.

The currency has lost 2.9 percent against the dollar this year. Some 49.7 percent of the remittances in August came from North America, the central bank said.

Total remittances this year stood at $936 million at the end of August, compared with $1.3 billion for the whole of last year.

- Reuters

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