CBK Launches KSh 50Bn Tap Sale After Rejecting KSh 228Bn in Bond Bids - August 2025

The Central Bank of Kenya (CBK) has launched a KSh 50 billion tap sale of two infrastructure bonds. This action follows the August 2025 infrastructure bond auction, which saw a significant oversubscription where the CBK rejected KSh 228 billion in bids. The CBK's decision to accept only a fraction of the bids was a strategic move to maintain a low-interest rate environment while financing projects. A new CBK survey provides context, revealing an uneven economic recovery in Kenya. The survey found that while sectors like agriculture, finance, and ICT are expanding, the manufacturing and health sectors are struggling with severe liquidity issues and high operational costs.