Kenya's remittances jump 10.7 pct in 2014, help cushion currency

Money sent home by Kenyans living abroad rose 10.68 percent last year to $1.43 billion, the central bank said on Tuesday, setting a new annual record and cushioning the weakening local currency. Known as remittances, the cash is a major source of foreign exchange for east Africa's biggest economy alongside tea, horticulture and tourism. Remittances from Kenyans abroad helped slow down the decline of the local currency, which is down 1.38 percent this year mainly due to a firmer dollar, and