NAIROBI: Kenya's central bank sought to mop up 13 billion shillings ($150.01 million) in excess liquidity from the market on Monday.

The Central Bank of Kenya said it was seeking to drain 11 billion shillings using repurchase agreements (repos) and 2 billion shillings via Term Auction Deposits (TADs).

The bank has frequently drained liquidity over the past few weeks after overnight borrowing rates tumbled, making it a bit cheaper for banks to fund long dollar positions, which in turn put pressure on the shilling.