Rising interest rates fuel Sh27.1bn bond sell-off by foreigners

Central Bank of Kenya

The Central Bank of Kenya in Nairobi. 

Photo credit: File | Nation Media Group

Foreign investors cut their holdings of Treasury bonds by 84.6 percent to Sh4.9 billion in the quarter ended June 2024 from Sh32 billion in the same period last year in the search for higher yields from shorter-dated papers.

At the same time, foreigners increased their holdings of Treasury bills according to disclosures from the second quarter balance of payments report.

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