NAIROBI, Oct 11 (Reuters) - Remittances from Kenya living abroad rose 19 percent year-on-year in August to $94.8 million, central bank data showed on Thursday.
Remittances are a major source of foreign exchange for east Africa’s biggest economy alongside tea, horticulture and tourism. They hit a record $891.1 million in 2011.
That figure looks set be beaten in 2012 after remittances in the first eight months of the year hit $783.8 million, well up from last year’s equivalent $558.9 million.
Kenyans living abroad tend to send money home to help their families and for investment in various sectors, including real estate.
The central bank says more recently, they have also started investing in government securities targeted at them, such as infrastructure bonds and the savings bonds. (Editing by Richard Lough)