Kenyan remittances up 4 pct yr/yr to $51.2 mln in May

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By NAIROBI | June 26, 2010 5:18 AM EST

Kenyan remittances rose 4 percent to $51.172 million in May compared with the same month last year, central bank said on Friday.

Total remittances in the first five months of this year stood at $247.7 million compared with $236.5 million in the same period in 2009.

"Remittance transfers were $51.2 million in May 2010 compared with $52.7 million in April 2010. However, remittances in May continued to be above the trend average of $50 million per month," central bank said.

Money sent home by Kenyans abroad is a major source of foreign exchange behind agricultural exports and tourism.

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