Money sent back home by Kenyans living abroad rose 32 per cent in the eleven months to November last year in comparison to a similar period in 2011.
The Centralย Bankย of Kenya (CBK) recorded Sh90.54 billion ($1.06 billion) in diaspora remittances for the first eleven months of 2012 up from the Sh68.5 billion ($805 million) recorded in 2011.
Remittances sent in November showed resurgence after a slowdown in September and October.
Remittances had hit a nine month low in October at Sh7.78 billion ($91.62 million) attributable to a reduction of inflows from the European region.
As the holiday season drew closer, the situation improved with remittances jumping six per cent to hit Sh8.28 billion ($97, 504 million) in November.
The CBK attributes this to increasingย money transferย channels that are fosteringcompetitionย in the sector as well as initiatives by the government to introduce newinvestmentย vehicles targeted at the diaspora.
Source:Daily Nation
