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Why T-bills stock has dropped by the largest margin this year
The increased utilisation of T-bills as a tool for new borrowing is reflected in the progressive increase in the stock of outstanding T-bills to the Sh1 trillion level from the beginning of June 2025.
The volume of the government’s domestic debt held in the form of Treasury bills fell by the largest margin this year after last week’s auction, on high maturities and a decline in bid volumes on new offers as interest rates continue to fall.
Central Bank of Kenya (CBK) data shows that the outstanding stock of T-bills, excluding those tied in repurchase agreements, shrank by Sh10 billion to Sh1.053 trillion— retreating from an all-time high of Sh1.063 trillion.
