• Privacy Policy
  • Terms
  • About us
  • Contact Us
  • Staff Email
Friday, July 18, 2025
  • Login
TheMattersPress
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
TheMattersPress
No Result
View All Result
Home Economy/Technology

Kenya injects record high $668m into banks

Kenya

The Matters Press by The Matters Press
October 22, 2023
Reading Time: 2 mins read
0
Kenya injects record high $668m into banks

Commercial banks leaned on the Central Bank of Kenya (CBK) for record-high liquidity support of nearly Ksh100 billion ($668 million) on Monday.

RELATED POSTS

Befitting honour for former President Buhari commendable – TMSG

17-member committee for burial of Buhari

Lagos falls flat to APC

The injection signalled a short-term cash crunch that is partly linked to the Sh44.15 billion tea bonus payment to farmers, the EastAfrican reports.

The CBK, noting that liquidity was skewed in the market, offered to inject Ksh50 billion ($334 million) via seven-day reverse repurchase agreements (repos), but banks made bids worth Ksh99.87 billion ($667.13 million), all of which were accepted by the CBK at an average interest rate of 12.87 percent.

Reverse repos are a form of securitised borrowing by banks from the regulator, using their holdings of Treasury bills and bonds as collateral.

The amount injected on Monday eclipsed the previous high of Ksh87 billion ($581.16 million) that was lent to banks by the CBK on June 19, 2023.

The decision by the CBK to accept the bids that were in excess of the initially targeted Ksh50 billion on Monday was also a departure from the normal practice where the regulator normally sticks to its injection target.

For instance, on July 24, the CBK stuck to its target of Ksh20 billion ($133.6 million) in reverse repos despite banks’ bids standing at Ksh81 billion ($541 million). The requests for liquidity support via the repo instrument mainly came from tier one lenders, a banker who spoke to the Business Daily on condition of anonymity said.

The banker added that demand for liquidity “came mainly from banks involved with the tea bonuses, coupled with the fact that liquidity was already tight in the market”.

The Kenya Tea Development Agency (Holdings) Limited (KTDA) started paying out tea bonuses to an estimated 600,000 farmers affiliated with its 54 factories on October 2, for their supplies for the financial year ended June 30.

The payment period was expected to last for two weeks and was made alongside payments for green leaf supplied in September.

Read more in The EastAfrican

Tags: Kenya
ShareTweetPin
The Matters Press

The Matters Press

Related Posts

Befitting honour for former President Buhari commendable – TMSG
Economy/Technology

Befitting honour for former President Buhari commendable – TMSG

July 17, 2025
Buhari attends inauguration of Barrow of Gambia
Entertainment/sports

17-member committee for burial of Buhari

July 14, 2025
Lagos falls flat to APC
Economy/Technology

Lagos falls flat to APC

July 13, 2025
African intellectuals release letter to world, caution continent on selfness
Economy/Technology

Nigeria celebrates Soyinka at 91

July 13, 2025
China introduces new visa
Economy/Technology

Nigeria maintains issuance of 5-year visa to Americans

July 13, 2025
ADC, AN ASSEMBLAGE OF STRANGE BED FELLOWS, TIRED POLITICIANS– GROUP
Energy

ADC, AN ASSEMBLAGE OF STRANGE BED FELLOWS, TIRED POLITICIANS– GROUP

July 10, 2025
Next Post
Africa-Europe Alliance presents progress report

Sanlam Group trains 600 African financial journalists

Shettima arrives in U.S for AfDB’s world food dialogue

Shettima arrives in U.S for AfDB’s world food dialogue

Recommended Stories

Scheme to repatriate $200bn in forex requires right mechanisms

Banks unveil New Exchange Rate

June 14, 2023
Kano Local governments propose N229bn for 2022

Uzodimma presents N447bn 2023 budget proposal to Imo Assembly

December 20, 2022
BPE to implement 42 transactions in 2022 work plan

BPE ranks 2nd in ICPC’s ethics, integrity scorecard

February 24, 2022

Popular Stories

  • Rising prices of goods cause protests in Morocco

    Rising prices of goods cause protests in Morocco

    0 shares
    Share 0 Tweet 0
  • NLNG not responsible for gas supply shortfall, price hike

    0 shares
    Share 0 Tweet 0
  • NCC sets fresh operational fees, spectrum prices for telecom operators

    0 shares
    Share 0 Tweet 0
  • Hoarding causes hike in prices of grains

    0 shares
    Share 0 Tweet 0
  • Prices of Petrol, diesel increase in November

    0 shares
    Share 0 Tweet 0
TheMattersPress

We bring you the best news update in Nigeria

LEARN MORE »

Recent Posts

  • Befitting honour for former President Buhari commendable – TMSG
  • 17-member committee for burial of Buhari
  • Lagos falls flat to APC

Categories

  • Agriculture
  • Economy/Technology
  • Energy
  • Entertainment/sports
  • Features
  • Foreign
  • Multimedia
  • Natural Resources
  • News
  • Oil and Gas
  • Photo
  • Politics
  • Security
  • Thematterspress
  • Uncategorized
  • Video

© 2025 Domo Tech World - Powered by Thematterspress.

No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us

© 2025 Domo Tech World - Powered by Thematterspress.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Call Us