interbank rates rise sharply

Interbank market yesterday saw a quick rise in rates as a result of month end outflows for tax payments. The highest traded rate increased to 14 per cent from the previous high at 12 per cent.

On the hand shilling continued trading flat yesterday against the U.S. dollar as demand was well matched by supply both in the corporate and interbank markets.

“Today a similar trend is expected with low to moderate level of volatility,” Standard Chartered Bank said

There were some offers on the secondary market for T-bills while demand for bonds was seen for the 5 and 7 years.

Source: Standard Chartered Bank
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