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XINHUA NEWS SERVICE REPORTS FROM THE AFRICAN CONTINENT

 

Kenya’s money market liquidity tightens on low gov’t spending   

NAIROBI, (Xinhua) -- Liquidity in Kenya’s money market was tight this week as government spending remained low for a second week in a row.

The tight liquidity pushed up the interbank rate to a high of 9 percent from 8.4 percent at the end of last week, Central Bank of Kenya said in a brief Saturday

“Interbank market liquidity conditions remained relatively tight during the week reflecting the seasonal low government spending at the beginning of the fiscal year. The weighted average interbank rate increased to 9 percent on Friday,” said the apex bank.

The cash transacted between commercial banks declined during the week as the institutions shunned expensive borrowing.

“The average volumes traded declined to 114 million U.S. dollars from 123 million dollars in the previous week, while the average number of deals decreased to 29 from 36,” said the bank. 

             

 

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