Remittances from Kenyans living abroad rose 43 per cent year on year in July but fell from June, central bank data showed on Tuesday.Remittances are a major source of foreign exchange for east Africa’s biggest economy alongside tea, horticulture and tourism. They hit a record US$891.1 million in 2011.That figure looks set to be beaten in 2012 after remittances in the first seven months hit $689 million, well up from last year’s equivalent US$479.4 million.Remittances dipped to US$92.7 million in July from US$99.5 million in June as inflows fell from North America - which accounts for 45 percent of the total - in from Europe, which contributes 30 per cent.Kenyans living abroad tend to send money home to help their families and for investment in various sectors, including real estate.More recently, the central bank says they have also started investing in government securities targeted at them, such as infrastructure bonds and the savings bonds.
