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XINHUA NEWS SERVICE REPORTS FROM THE AFRICAN CONTINENT

 

Kenyan banks borrow less as liquidity improves

NAIROBI (Xinhua) -- The rate at which Kenyan banks lend each other hit a new low on Monday as liquidity improved in the money market.

The average interbank rate declined to 4.34 percent in the Monday trading, down from 5.5 percent at the end of Friday, the Central Bank of Kenya noted on Monday.

“Liquidity conditions improved in the interbank market reflecting increased government payments at the end of the month,” the central bank said. “As a result, the weighted average interbank rate declined.”

The rate has been on the decline since last week, as banks borrow less due to improved liquidity. 

             

 

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