Business
Kenya Central Bank In Mop Up Operation
Kenya’s Central Bank said on Thursday it was in the market to mop up 10 billion shillings (120 million) in repurchase agreements, a day after it pledged to intervene in the markets to reduce the volatility in the interbank rate.
The bank has stayed out of the repo market since February 10.
The average interbank rate plunged to 12.7 per cent on Wednesday from 18.8 per cent on Tuesday.
Traders said the rate fell after liquidity increased on the back of government spending.