Kenya's central bank seeks to mop up $11.6mn via repos

NAIROBI: Kenya's central bank, keen to stop the shilling from falling steeply against the dollar this year, said on Wednesday it was in the market to mop up 1 billion shillings ($11.6 million) through repurchase agreements.

The regulator, which has already taken out 24.5 billion shillings ($283.2 million), has been mopping up liquidity and pumping in dollars directly to commercial banks, to avoid last years scenario when it was heavily criticised for letting the local currency plummet to a record low of 107 per dollar.