News

Kenya will sell a one year Treasury bond worth Kshs.30 billion this month and its proceeds will go towards funding the government’s budget, the Central Bank of Kenya (CBK) has said.

The CBK said in a statement it will receive bids for the bond between September 11th and 23rd and will auction it on September 24th.
Meanwhile the shilling firmed last week against the dollar demand from energy and telecommunications firms offset by Central Bank’s injection of greenbacks into the market, and tight liquidity.


At 11.00 a.m. on Friday, Commercial Banks quoted the shilling at 105.25/35 to the dollar against Thursday’s close of 105.40/50.
Central Bank of Kenya intervened in the market last week on Monday and Tuesday, selling substantial quantities of dollars to boost the shilling as the local currency edged closer to its record low of 106.80, set in October 2011.
The shilling, down about 13.7 per cent against the dollar this year has come under pressure from a board rally in the dollar, Kenya’s large current account deficit and week foreign currency inflows from tourism after a number of attacks by militants.  

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