CBK in the market to mop up 14 billion shillings
02 December 2014, 08:05
Nairobi - Central Bank of Kenya sought to mop up 14 billion shillings($155.30 million) from the market on Monday after liquidity surged, driving down overnight lending rates.
The weighted average overnight lending rate for banks dropped to 7.0045 percent on Friday from 7.1756 percent the previous day.
Lower lending rates usually make it slightly cheaper for banks to hold dollars, putting pressure on the Kenyan shilling.
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