The interbank rate dropped to 1.68 percent on Friday from 2.36 percent the previous day. By ELIZABETH KIVUVA More by this AuthorThe Treasury is eyeing cheaper money from the domestic market after interest rate on short-term securities dipped to a seven-year low following increased liquidity in the money market. Central Bank of Kenya (CBK) data shows rates for 90,182 and 364-day Treasury bills fell to 6.27 per cent, 6.76 per cent and 7.7 per cent respectively in last week’s auction. In the week’s auction, the CBK received bids worth Sh85.96 billion against an advertised amount of Sh24 billion, representing a performance of 358.2 percent. Reports show that commercial banks’ excess reserves stood at Sh29.8 billion in relation to the 4.25 percent CRR last week.

Source: Daily Nation July 14, 2020 06:00 UTC