Kenyan remittances jump 19 pct yr/yr in Aug - cbank


NAIROBI, Oct 11 (Reuters) - Remittances from Kenya livingabroad 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 eastAfrica's biggest economy alongside tea, horticulture andtourism. They hit a record $891.1 million in 2011.

That figure looks set be beaten in 2012 after remittances inthe first eight months of the year hit $783.8 million, well upfrom last year's equivalent $558.9 million.

Kenyans living abroad tend to send money home to help theirfamilies and for investment in various sectors, including realestate.

The central bank says more recently, they have also startedinvesting in government securities targeted at them, such asinfrastructure bonds and the savings bonds.

(Editing by Richard Lough)

((Email: nairobi.newsroom@reuters.com)(Tel: +254 20 2224717)(Reuters Messaging:richard.lough.thomsonreuters.com@reuters.net))


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