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Investors return to longer T-bills as rates fall further
The Central Bank of Kenya in Nairobi. The expectation by some investors was that the CBK would yield to pressure and start accepting pricier bids in order to meet the expanded target. It did not.
Investors shifted their focus back to the one-year Treasury bill in last week’s auction, signalling reduced expectation that interest rates will go up in the short term.
The interest rate on the three-month tenor remained unchanged at 8.92 percent, with that of the six-month paper falling from 9.15 percent to 9.11 percent. On the one-year T-bill, the rate declined from 10.49 percent to 10.47 percent.
