Kenya central bank seeks to soak up $60m via repos

KENYA’S central bank said on Friday it was in the market to mop up 5 billion shillings ($59.8 million) through repurchase agreements, after liquidity surged due to debt redemptions and huge demand for Treasury bills.

Friday, May 11, 2012

KENYA’S central bank said on Friday it was in the market to mop up 5 billion shillings ($59.8 million) through repurchase agreements, after liquidity surged due to debt redemptions and huge demand for Treasury bills.The weighted average interbank rate fell to 16.6 percent on Thursday, from 16.8 percent a day earlier, and traders said they expected the central bank to defend the shilling by mopping up excess liquidity.