this and that in business....

NORTH AMERICA STILL ACCOUNTS FOR MORE THAN HALF OF TOTAL REMITTANCES FROM KENYANS LIVING ABROAD. THE CENTRAL BANK SAYS KENYANS LIVING IN FOREIGN COUNTRIES SENT HOME 8.7 PERCENT MORE IN JULY THIS YEAR THAN THE SAME MONTH LAST YEAR.
THAT JULY FIGURE IS 50.4 MILLION DOLLARS, OR ABOUT 3.8 BILLION SHILLINGS, UP FROM 46.3 MILLION DOLLARS IN JUNE THIS YEAR. COMPARATIVELY HOWEVER, TOTAL REMITTANCES FROM JANUARY TO JULY THIS YEAR WERE DOWN 8.4 PERCENT TO 342.3 MILLION DOLLARS, COMPARED TO 373.3 MILLION DOLLARS IN THE SAME PERIOD LAST YEAR. THE CBK EXPLAINS THE DIP FROM LAST YEAR’S LEVEL AS ARISING FROM EXTRA MONEY SENT HOME AFTER THE POST-ELECTION VIOLENCE AND ALSO TO CASH IN ON THE SAFARICOM INITIAL SHARE LISTING. GLOBALLY, REMITTANCES GENERALLY RISE WHEN THE RECIPIENT COUNTRY SUFFERS AN ECONOMIC DOWNTURN, OR IS EXPOSED TO SHOCKS SUCH AS NATURAL DISASTERS AND POLITICAL CONFLICT. REMITTANCES ARE MAJOR SOURCES OF FOREIGN EXCHANGE FOR DEVELOPING COUNTRIES, A BIG PORTION ALSO GOING TO SAVINGS, CREDIT MOBILIZATION AND INVESTMENT.

KENYAN INVESTORS MAY SOON FIND IT EASIER TO INVEST IN THE TANZANIAN CAPITAL MARKETS. VISITING TANZANIAN PRIME MINISTER PETER PINDA SAYS THE FELLOW EAST AFRICAN COMMUNITY MEMBER STATE WAS KEEN TO LIFT STRINGENT CONDITIONS THAT LIMIT KENYAN INVESTMENTS IN THAT COUNTRY. ON A TOUR OF THE NAIROBI STOCK EXCHANGE, THE PRIME MINISTER EXPRESSED OPTIMISM THAT INITIAL FEARS OVER THE INTENTIONS OF THE KENYAN INVESTOR IN TANZANIA WERE EBBING AWAY, BUILDING THE NECESSARY TRUST REQUIRED TO FACILITATE FASTER INTEGRATION OF REGIONAL STOCK EXCHANGES AND POLITICAL BLOCS.