Kenya remittances rise in Nov, set new record

NAIROBI Tue Jan 21, 2014 1:26am EST

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NAIROBI Jan 21 (Reuters) - Kenyan remittances rose 16 percent to $113.4 million in November compared with the same period in 2012, the central bank said, setting a new annual record high.

Remittances, a major source of foreign exchange for east Africa's biggest economy alongside tea, horticulture and tourism, hit a total $1.18 billion in January to November, exceeding 2012's total of $1.17 billion.

The remittances were at $112.9 million in October.

The average remittance inflows in the 12 months to November was $107 million, Central Bank of Kenya said. (Reporting by George Obulutsa; Editing by James Macharia)