Remittances from Kenyans working abroad rose 15 per cent to $52 million (Sh4.1 billion) in June 2010 compared to the same month last year, boosting the shilling and domestic demand in an economy that is witnessing sluggish retail numbers.
Kenyans sent a total of $300.2 million (Sh24 billion) in the six months to June from $291.8 million (Sh23.3 billion) in the same period a year earlier, says Central Bank of Kenya (CBK).
"The source markets for remittances have on average maintained the same shares with North America contributing 58 per cent and Europe 26 per cent of total remittances to Kenya in June 2010."
Currency dealers reckon that the increased flow will help support the shilling.
Remittances to Kenya, a key source of foreign exchange for east Africa's biggest economy, rose 6 percent in February to $53.3 million compared with the same month last year.
Total remittances in 2008 were $611.2 million, making the receipts the third largest source of hard currency after horticultural and tea exports.
Concern abounds that a significant amount of remittances sent by the diaspora is used for direct consumption without getting into long term investment and savings, diminishing the money's impact on the development of the country.
APA-Addis Ababa (Ethiopia) Ethiopia has obtained around $780 million from remittances from Ethiopians in the Diaspora in the past ten months, the Ethiopian National Bank said.
According to the bank, this year's earnings from remittances exceed that of last year by about nine per cent.
An estimated one million Ethiopians are estimated to live outside their country, mostly in the United States and Europe.
The bank said that the amount of remittances Ethiopia is getting each year is on the rise, especially since the past three years.
Ethiopinas have enforced a new legislation allowing the Diaspora to have saving accounts in US Dollars, which is encouraging many citizens to do so," said the bank.
However, according to available information, Ethiopia is getting lower remittances than other neighbouring countries, such as Kenya and Egypt.
So folks is my theory of black hole still holds some water after seeing those figures?. To win scientific nobel prices or to venture in scientific developments Africa needs her our sons and daughters to do it. Let nobody sleep and think that a white man or an asian will develope africa for us. Those people are more concerned about their own countries than africa and they will continue taking away from africa anything they can afford to make them much better than Africa. So politicians who neglect their own people when thinking about development and instead seek help from foreigners have not learnt the truth or did not go through the school I went through or the school other few Kenyans might have gone through. It is a school which teaches the truth not brainwashing type. Mentality that some aliens will do better in africa than africans themselves in development should just disappear. Africans should know that when your body iches, it is you the owner of that skin who knows where to scratch best, not your friend or your neighbour. May God help Africa.
Paul Nyandoto
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