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MARKET UPDATE FOR 19th July 2019

LOCAL MARKET

USD/KES

The shilling stabilised against the dollar on Tuesday as dollar demand in the market was equally matched with supply. Expected trading range will be between 102.60 -103.60.

EUR1.10651.1366112.81118.04CAD1.30161.312077.7179.79KES/TZS2245235521.6223.10

INDICATIVE FOREX RATES
CROSS RATES AGAINST KES
USD 101.95 103.85
GBP 1.2386 1.2788 126.40 132.93
JPY 106.07 109.10 0.9354 0.9800
ZAR 12.344 15.358 6.64 8.42
CHF 0.9781 0.9885 103.24 106.28
SEK 9.1163 9.5193 10.72 11.40
KES/UGX 2245 2355 21.60 23.08

MONEY MARKET

CBK analysis yesterday showed excess liquidity. The regulator was thus in the market to mop KES.15B in 7 & 14day repos.

Previous Rate6.685%7.397%8.610%

LOCAL MONEY MARKET
TREASURY BILLS AND BONDS (MIO KES)
Tenor 91-day 182-day 364-day
Amount Offered 4,000.00 10,000.00 10,000.00
Bids Received 3,243.58 11,114.43 29,771.07
Amount Accepted 3,243.58 11,114.43 29,771.07
Current Rate 6.685% 7.397% 8.610%

GLOBAL MARKETS

The dollar stood firm early Wednesday after upbeat U.S. data further tempered expectations of aggressive policy easing by the Federal Reserve later this month. The dollar index against a basket of six major currencies was effectively unchanged at 97.365 after gaining 0.5% the previous day.

Sterling last traded little changed at $1.2411. The pound retreated to a 27-month low of $1.2396 overnight as Boris Johnson and Jeremy Hunt, the two candidates to be Britain’s next prime minister, vied to outgun each other on taking a harder Brexit stance.

The euro was steady at $1.1212 after losing more than 0.4% the previous day. The losses came after a survey by the ZEW institute showed that the mood among German investors deteriorated more sharply than expected in July amid the prolonged trade dispute between China and the United States as well as political tensions with Iran.

Source: Reuters

LOCAL AND INTERNATIONAL BENCHMARK RATES
Local Inflation 5.70%
KES CBR 9.00%
GBP BOE RATE 0.75%
EUR ECB RATE 0.00%
USD FED RATE 2.5%
$ LIBOR 6 & 12 Month 2.20700/2.21088
£ LIBOR 6 & 12 Month 0.80400/0.87663
€ LIBOR 6 & 12 Month -0.41314/-0.32463

 

For firm quotes and more information on other treasury products kindly contact our treasury team. Treasury team: Jackline Muchangi, Sylvia Mwangi, Benson Wainaina, Cleophas Makori, Alfred Too, Kenneth Mulandi, Lorna Kageni and Martin Githinji.
Telephone Contacts: 020 3275 XXX; EXT.244/221/185/180/550/378/257/558
Mobile Lines: 0703 058 XXX; EXT.244/221/185/180/550/378/257/558
Email: dealing@boakenya.com

Disclaimer
Whilst every care has been taken in compiling this market update, the Bank will not be responsible for and shall be exempt from all liabilities in respect of any loss of any kind whatsoever, incurred by any persons as a consequence of relying on the above information or otherwise.

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