Central Bank seeks to mop up Sh20b

Central Bank of Kenya (CBK) sought to mop up Sh20 billion ($195.79 million) from the market, saying there was excess liquidity.

The action, which usually involves the deployment of repurchase agreements (repos) and term auction deposits, is a departure from recent weeks when the bank has been actively offering liquidity to banks using reverse repos. The bank said the interest rate offered by the mop-up would be determined competitively within a set ceiling. 

—Reuters