The 3-month bank placements ended the week at 7.7 percent in the money markets, while the yield on the 91-day T-bill increased by 1.7 bps to 7.0 percent.
The average yield of the Top 5 Money Market Funds declined by 0.1 percentage points to 9.6 percent, from 9.7 percent, recorded the previous week.
The yield on the Cytonn Money Market Fund marginally declined by 0.1 percentage points to 10.5 percent, from 10.6 percent recorded the previous week.
In the latest ranking, Cytonn Money Market Fund is still the top money market fund in Kenya with a daily yield of 10.00 percent and an effective annual rate of 10.52 percent.
Zimele Money Market Fund is the second leading fund with a daily yield of 9.56 percent and an effective annual yield of 9.91 percent followed by Sanlam Money Market Fund with a daily yield of 8.86 percent and an effective annual yield of 9.27 percent.
Nabo Africa Money Market Fund and CIC Money Market Fund came with a daily yield of 8.83 and 8.71 percent and an effective annual yield of 9.23 and 9.03 percent respectively.
At the same time, Madison Money Market Fund and Apollo Money Market Fund posted 8.62 and 9.10 percent in daily yield and 9.00 and 8.95 percent in the effective annual yield.
Here are the top 10 money market funds in Kenya:
- Cytonn Money Market Fund
- Zimele Money Market Fund
- Sanlam Money Market Fund
- Nabo Money Market Fund
- CIC Money Market Fund
- Madison Money Market Fund
- Apollo Money Market Fund
- Dry Associates Money Market Fund
- Co-op Money Market Fund
- GenCapHel Imara Money Market Fund
At the same time, during the week, liquidity in the money market eased, with the average interbank rate declining to 4.9 percent from 6.3 percent recorded the previous week.
The above was attributable to government payments coupled with Term Auction Deposits (TADs) maturities of Kshs 28.2 bn which offset tax remittances and settlement of government securities.
Additionally, there was a 13.1% increase in the average volumes traded in the interbank market to Kshs 12.4 bn, from Kshs 11.0 bn recorded the previous week.