Kenya Diaspora Sept Remittances Up 45% From Last Year
Kenya’s Diaspora remittances in September amounted to $84.9 million which was 45 per cent higher than the September 2010 remittances. The September remittances set a new high surpassing the mark recorded in August of $79.6 million.
North America contributed 49 per cent and Europe 28 per cent of total cash inflows to Kenya in the month of September compared with 52 percent and 26 percent respectively in August 2011.
Increased inflows were attributed to better investment opportunities in the local market that persons in the diaspora could engage in including the infrastructural bond that had been issued targeting them.
“The 12 month cumulative average shows that remittance flows have kept pace sustaining an upward trend from the second half of 2010,” said Mr Charles Koori director of research department at Central Bank of Kenya.