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XINHUA NEWS SERVICE REPORTS FROM THE AFRICAN CONTINENT

 
Kenya allocates U.S. $50.7 million dollars
to promote balanced economic growth

NAIROBI (Xinhua) -- Kenya has allocated 5.2 billion Kenyan shillings (about 50.7 million U.S. dollars) to promote balanced economic growth in the current financial year, officials said on Tuesday.

The Commission on Revenue Allocation (CRA) chairperson Jane Kiringai told journalists in Nairobi that the funds will be drawn from the Equalization Fund which receives the equivalent of 0.5 percent of last-audited and approved government revenues.

“The funds will be used by marginalized counties to improve the living standards of their residents,” Kiringai said during the launch of a new formula for revenue allocation among the 47 counties.

The chairperson said that the funds will be divided by taking into account the county’s population, land area, poverty as well as fiscal responsibility.

Kiringai said that 14 counties with a population of approximately five million have been identified as marginalized.

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EARLIER REPORT:

Tight liquidity pushes Kenya interbank rate to three-year high

NAIROBI (Xinhua) -- Tight liquidity in Kenya’s money market has pushed the rate at which commercial banks borrow from each other to a three-year high.

The interbank rate on Tuesday stood at 10.2 percent, more than double from the previous month’s average of 5 percent, according to the Central Bank of Kenya.

“Liquidity conditions in the money market remain tight, partly due to banks’ remittance of taxes,” the central bank said.

The tight liquidity in the money market dented the buying of Treasury bills and bonds by commercial banks, which are the biggest lenders of the government.

           

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