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Tight liquidity boosts Kenyan shilling

30 June 2016, 21:11

Nairobi (Reuters) The Kenyan shilling strengthened against the dollar on Thursday mainly due to a tightening of liquidity in the money markets.

At 0640 GMT, commercial banks posted the shilling at

101.00/20 against the dollar up from Wednesday's close of 101.15/25.

Traders said the government had withdrawn some of its deposits with commercial banks as it reconciles its books at the end of the financial year, leading to the liquidity squeeze.

The weighted average interest rate on the overnight borrowing market for banks rose to 8.8586 percent on Wednesday from 8.6352 percent the previous day.

- Reuters


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