Money sent home by Kenyans living abroad rose 10.68 per cent last year to $1.43 billion (around Sh131 billion), the central bank said today, setting a new annual record and cushioning the weakening local currency. The cash is a major source of foreign exchange for the economy alongside tea, horticulture and tourism. Kenyans abroad typically send money to help their families and to invest in projects like real estate. Remittances from Kenyans in North America grew 9 per cent to $677 million (around Sh62 billion), accounting for close to half of the total amount sent to Kenya, central bank data showed. The central bank said the rise in funds from Kenyans living in North America was driven by an increase in attractive investment opportunities in Kenya, better capturing of data by commercial banks and the recovery in the US economy. Treasury policy makers want to issue a Diaspora bond aimed at Kenyan citizens abroad, to raise cash to pay for construction of infrastructure such as roads and power plants.
Posted on: Tue, 27 Jan 2015 15:29:48 +0000