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Kenya's remittances rise 12 pct in March: central bank

30 May 2016, 08:43

Nairobi - Kenyans living abroad sent $141.1 million in March, a 12 percent rise when compared with the same month in 2015, the central bank said.

The bank said in a statement on its website seen by Reuters on Friday, the money was 3 percent higher than that sent in February.

Also known as remittances, the money is a leading source of foreign exchange for east Africa's biggest economy together with tea, horticulture and tourism.

Kenyans abroad usually send money to help their families and to invest government securities and in projects like real estate.

In 2015, remittances to Kenya rose 8.4 percent to a record $1.54 billion.

- Reuters


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