Kenya Average Interbank Rate Rose to 22.59% in Week

Kenya’s average interbank rate rose to 22.59 percent in the week through Feb. 29 from 19.22 percent a week earlier, the central bank said.

The East African nation’s foreign-currency reserves increased to $4.14 billion, or 3.69 months of imports by March 1, from $4.07 billion, or 3.63 months’ import cover, at Feb. 23, the Nairobi-based Central Bank of Kenya said in its weekly bulletin, e-mailed today.

Commercial banks borrowed 9.76 billion shillings through the central bank’s discount window, it said.

(Corrects reserves figures in second paragraph in story published on March 2.)
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