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Kenyan Overseas Remittances Jumped 47 Percent in First Half

Aug. 2 (Bloomberg) -- Kenyan remittances from citizens living abroad, one of the country’s largest sources of foreign currency, increased 47 percent to $596.2 million in the first half of the year, the country’s central bank said.

Remittances to East Africa’s largest economy climbed to $99.5 million in June, up from $71.9 million a year earlier and down from $101 million in May, the Nairobi-based Central Bank of Kenya said today in a statement on its website.

Kenya relied on North America for 45 percent of its remittances in June and Europe for 30 percent, it said.

To contact the reporters on this story: Sarah McGregor in Ottawa at smcgregor5@bloomberg.net.

To contact the editor responsible for this story: Andrew J. Barden at barden@bloomberg.net.

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