Rates Fall Sharply, Stability Ahead

November 2006 | Market Strategy

The yield on Kenya's 91-day T-bill rate has fallen sharply during the last two auctions, from 6.9% on November 6 to 6.6% on November 12, to 6.3% during the last round of bids on November 16. This is a sharp reversion from the steady rise in rates seen over the previous few months. The market for 182-day T-Bills shows similar patterns, with yields falling from 8.2% to 7.8% during the last auction. In our view, this sharp and quite sizeable fall in short-term rates (the

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