Kenya's central bank seeks to mop up 10bn shillings in liquidity

NAIROBI: Kenya's central bank said on Tuesday it was in the money market to mop up 10 billion shillings ($112.17 million) in excess liquidity, using repurchase agreements (repo) and term auction deposits.

By mopping up liquidity, the bank makes it relatively costlier to hold onto long dollar positions, which in turn helps strengthen the shilling.