In the money markets, 3-month bank placements ended the week at 7.7 percent while the yield on the 91-day T-bill increased by 4.7 bps to 7.4 percent.
The yield on the Cytonn Money Market Fund increased by 0.1 percent to 10.6 percent, from 10.5 percent recorded the previous week.
At the same time, the average yield of the Top 5 Money Market Funds remained relatively unchanged at 9.8 percent, as recorded the previous week.
Cytonn Money Market Fund is still the best-performing money market fund in Kenya quoted at 10.6 percent in the effective annual rate followed by Zimele Money Market Fund with an effective annual rate of 9.9 percent.
Nabo Money Market Fund and Madison Money Market Fund posted an effective annual rate of 9.8 and 9.5 percent respectively followed by Sanlam Money Market Fund with 9.3 percent. Apollo Money Market Fund posted 9.3 percent too.
Dry Associates Money Market Fund, CIC, and Co-op posted an effective annual rate of 9.2, 9.0, and 8.6 percent respectively while GenCap Hela Imara Money Market Fund posted 8.4 percent.
Here are the best performing money market funds in Kenya:
- Cytonn Money Market Fund
- Zimele Money Market Fund
- Nabo Money Market Fund
- Madison Money Market Fund
- Sanlam Money Market Fund
- Apollo Money Market Fund
- Dry Associates Money Market Fund
- CIC Money Market Fund
- Co-op Money Market Fund
- GenCap Hela Imara Money Market Find
At the same time, during the week, liquidity in the money markets eased, with the average interbank rate declining to 4.5 percent, from 4.8 percent, recorded the previous week, partly attributable to government payments that offset tax remittances.
The average interbank volumes traded declined by 53.7 percent to 14.5 billion shillings, from 31.3 billion shillings recorded the previous week.
Read More: Top 10 Money Market Funds Worth Investing In