Kenyans living abroad sent $754 million back home in remittances during the first half of this year. PHOTO | FILE
Kenyans living abroad sent $754 million (Sh76.9 billion) back home in remittances during the first half of this year, 9.2 per cent higher than the same period last year, the central bank said on Tuesday.
Remittances are a leading source of foreign exchange along with exports like fresh flowers, tea and tourism.
During the month of June, remittances rose 17 per cent to $136 million (around Sh13.4 million) from the same month last year, the central bank said, attributing the gains to a jump in funds from North America, which accounted for 49.3 per cent of the total.
The Kenyan shilling is down 11.5 per cent against the dollar due to growth in imports and a slump caused by frequent attacks by Islamists from neighbouring Somalia.
