Daily Market Update
MARKET UPDATE FOR 24th March 2025
LOCAL MARKET
USD/KES
The Kenyan shilling was flat on Friday, compared with its performance in the previous session.
Expected range today is 127.00 -132.00
| INDICATIVE FOREX RATES | ||||
| CROSS RATES | AGAINST KES | |||
| USD | 127.00 | 132.00 | ||
| GBP | 1.2769 | 1.3173 | 162.17 | 173.88 |
| EUR | 1.0677 | 1.0978 | 135.60 | 144.91 |
| JPY | 148.22 | 151.23 | 0.8398 | 0.8906 |
| ZAR | 16.703 | 19.718 | 6.44 | 7.90 |
| CHF | 0.8785 | 0.8889 | 142.87 | 150.26 |
| CAD | 1.4294 | 1.4395 | 88.23 | 92.35 |
| KES/UGX | 3610 | 3720 | 27.35 | 29.29 |
| KES/TZS | 2580 | 2710 | 19.55 | 21.34 |
MONEY MARKET
CBK analysis on Tuesday showed excess liquidity in the market. The regulator was therefore in the market for Kes 60Bn in 1 day and 6 days TAD in order to remain within the monetary policy path set by the MPC.
| 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 | 23950.17 | 12,439.97 | 14,169.00 |
| Amount Accepted | 23,932.25 | 7,166.07 | 11,413.18 |
| Current Rate | 8.9228% | 9.1509% | 10.4967% |
| Previous Rate | 8.9369% | 9.2396% | 10.5017% |
GLOBAL MARKETS
Asian markets were muted tracking weak overnight signals, which tumbled on Tuesday after a two-day rebound from correction territory petered out. Investors remained on guard over any more tariff action by U.S. President Donald Trump, who kept up his threats of reciprocal trade tariffs coming in early April. Focus was also on negotiations over a U.S.-brokered RussiaUkraine peace deal.
The EUR/USD pair weakens to near 1.0935 Wednesday, pressured by a modest recovery in the USD. The stronger-than-expected US economic data on Tuesday has provided some support to the Greenback. Markets widely expect the US central bank to hold rates steady at its March meeting on Wednesday amid persistent inflation concerns and economic uncertainty.
The GBP/USD pair edges lower, trading around 1.2990 on Wednesday after posting gains in the previous two sessions. The pair struggles as the USD remains firm, supported by stable US Treasury yields ahead of the Federal Reserve’s (Fed) interest rate decision later in the day. Markets widely expect the Fed to hold rates steady amid persistent inflation concerns and economic uncertainty.
Source: Reuters
| LOCAL AND INTERNATIONAL BENCHMARK RATES | |||
| Local Inflation | 3.5% | ||
| KES CBR | 10.75% | ||
| GBP BOE RATE | 4.50% | ||
| EUR ECB RATE | 2.90% | ||
| USD FED RATE | 4.50% | ||
| SOFR O/N RATE | 4.32%, 2.417%, 4.4544% | ||
| BRENT OIL ($/BARREL) | 70.22 | ||
| MURBAN CRUDE ($/BARREL) | 71.71 | ||
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For firm quotes and more information on other treasury products kindly contact our treasury team
Treasury team: Milton Onyuna, Martin Githinji, Lorna Kageni, Musa Ongori,
Dennis Ingolo, Elizabeth Kiarie, Brian Gachanja and Oliver Kilonzo.
Telephone Contacts: 020 3275 XXX; EXT.244/558/257/185/378/245/221/526
Mobile Lines: 0703 058 XXX; EXT.244/558/257/185/378/245/221/526
Email: dealing@boakenya.com
Disclaimer
Whilst every care has been taken in compiling this market update, the Bank will not be responsible for any 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.