Kenya: CBK Turns Down Treasury Paper Bidders

This week's six-month Treasury bills auction was over-subscribed for the first time in more than two months as liquidity improved in the banking system, but Treasury rejected more than half of the bids as it sought to slow down the government's cost of borrowing.

According to results released by the Central Bank (CBK), bids worth Sh3.3 billion were received against a target of Sh3 billion, meaning the issue was oversubscribed by more than two times.

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