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Kenya’s central bank said on Friday it planned to mop up Sh3 billion shillings in excess liquidity from the money markets.
The bank uses term auction deposits and repurchase agreements to take out the liquidity, which makes it expensive to hold dollars, and partly lending support to the shilling. The shilling has lost about 14 percent of its value against the dollar so far this year, almost touching a record low of 106.80 set in October 2011 last week.
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