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Central Bank of Kenya (CBK) said yesterday it planned to mop up Sh10 billion in excess liquidity from the money market using repurchase agreements.
By mopping up excess liquidity, the Central Bank makes it relatively costlier to hang on to long dollar positions, which partly supports the shilling. At the opening of business the shilling was steady with traders saying they were watching for any action the Central Bank takes during the session to see what direction the shilling would take.
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