Cytonn has released a list of the best-performing money market funds in Kenya based on the effective annual rate with Cytonn Money Market Fund being at the helm with the effective annual rate of 10.5 percent.
Zimele Money Market Fund is the second-best performing money market currently with an effective annual rate of 9.9 percent followed by Sanlam Money Market Fund with an effective annual rate of 9.5 percent.
Madison Money Market Fund and Nabo Africa Money Market Fund posted an effective annual rate of 9.3 percent each while Apollo Money Market Fund and NCBA Money Market Fund have 9.2 percent each.
At the same time, Dry Associates Money Market Fund had 9.1 percent followed by CIC Money Market Fund and Co-op Money Market Fund with 8.9 and 8.8 percent respectively in the effective annual rate.
Related Content: Top 10 Money Market Funds In Kenya As Of 17th June 2022
Generally, in the Money Markets, 3-month bank placements ended the week at 7.7 percent (based on what we have been offered by various banks), while the yield on the 91-day T-bill increased by 8.1 bps to 8.2 percent.
The average yield of the Top 5 Money Market Funds and the Cytonn Money Market Fund remained relatively unchanged at 9.7 and 10.5 percent respectively, as was recorded last week.
Related Content: Top 10 Money Market Funds On Account Of Effective Annual Rate
During the week, liquidity in the money markets eased, with the average interbank rate declining to 5.6 percent from 5.8 percent recorded the previous week, partly attributable to government payments that offset tax remittances.
The average interbank volumes traded increased by 41.8 percent to 29.2 billion shillings from 20.6 billion shillings recorded the previous week.