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Kenya Diaspora Remittances Up 19% in August

By Mwakilishi | Thu, 10/11/2012 09:23AM -0400
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Remittances from Kenyans living abroad jumped 19 per cent in August to Sh7.963 billion ($94.8 million) from Sh6.683 billion ($79.56 million) compared to the same month last year, central bank data showed today.

The inflows also rose to surpass last month’s figure of Sh7.786 billion ($92.7 million).

Kenyans abroad have been sending money to help their families, invest in real estate development and invest in government bonds.

The central bank said part of the reason for the increase in remittances is improved data collection techniques by the central bank, and more participation by the diaspora in the local bond market.

“There has been a sustained upward trend in the 12-month cumulative average remittance inflows since the second half of 2010,” said central bank in a statement on its website.

Increased competition by mobile money transfer service providers has also lowered remittance costs.

Business Daily Africa

Sun, 10/14/2012 07:08PM -0400
#1
Zetera's picture
Zetera

I'm not convinced! Quite a few peopple tend to think that the statistics are a little manipulated, and this is not without cause. Show me a shed and I will sell you a mansion! Seriously, where are "they' coming up with these stats from? I'm in the East Coast, we are making mucho mulla, and I fing it hard to subsribe to this stat. Pure BS if you ask me!! Hey, if it whats the investors need to keep 'em goin, they heyyyy

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