Remittances from Kenyans living abroad rose 9 per cent year-on-year in September to $92.5 million, central bank data showed on Wednesday.Remittances are a major source of foreign exchange for east Africa’s biggest economy alongside tea, horticulture and tourism. The Remittances hit a record $891.1 million in 2011.That figure looks set to be beaten in 2012 after remittances in the first nine months of the year hit $876.3 million, well up from last year’s equivalent $643.8 million.However, remittances dipped 2.4 per cent in September from August’s $94.8 million, due to a marginal reduction in inflows from the European region, the central bank said.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 Kenyans living abroad have also started investing in government securities targeted at them, such as infrastructure bonds and the savings bonds.Agencies
