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Kenyan central bank to mop up $155.5m from money market

Kenyan central bank to mop up $155.5m from money market

NAIROBI: Central bank of Kenya has said that it was in the money market to mop up 14 billion shillings ($155.5 million) in excess liquidity, using repurchase agreements and term auction deposits.
Mopping up liquidity tends to make it more costly to hold dollars, which helps support the shilling. The shilling has weakened this year, in part because a drop in tourist arrivals has starved the market of a major source of dollars.