Kenya's central bank seeks to mop up $5.8mn via repos

NAIROBI: Kenya's central bank said on Tuesday it was seeking to take out 500 million shilling ($5.8 million) in excess liquidity through repurchase agreements a day after it received no bids for its repo offer.

The regulator, keen to prevent the shilling from tumbling against the dollar like it did last year, has been in the market hoovering up liquidity and pumping in unspecified amount of hard currencies directly to commercial banks.