Kenya Treasury bills · auction of 20 July 2026
Kenya T-bill auction, 20 July 2026: 91-day at 8.799%, down 3 bps
At the Treasury bill auction dated 20 July 2026, the Central Bank of Kenya cleared the 91-day bill at 8.799% (down 3 basis points), the 182-day bill at 8.970% (unchanged) and the 364-day bill at 9.041% (up 5 basis points).
Demand was strong: bids totalled KES 44.0bn against KES 28.0bn on offer, a subscription rate of 157%. The government accepted KES 30.6bn, or 70% of what was bid.
The 91-day paper drew the most interest relative to its size, at 304% subscribed.
Over the past year the 91-day rate has ranged from 7.400% to 8.835%.
What this means for KES 100,000
Worked from the published rate · information, not advice
KES 7,685 in 12 months on the 364-day bill, after tax
Put KES 100,000 into the 364-day bill at this auction and you get back KES 107,685 after 12 months: KES 7,685 in interest after 15% withholding tax (KES 9,042 before), about KES 640 a month.
That is KES 42 more than the same money would have earned at the previous auction.
For shorter money: KES 3,812 on the 182-day bill (6 months), KES 1,870 on the 91-day bill (3 months).
The Central Bank’s minimum bid is KES 100,000, and the government pays the full amount at maturity; the risk is Kenya’s government not paying, and the money is locked until then.
Kwa Kiswahili
Ukiweka KES 100,000 kwenye hati ya siku 364 kwa riba ya mnada huu, utarudishiwa KES 107,685 baada ya miezi 12: riba ya KES 7,685 baada ya kodi ya zuio ya 15% (KES 9,042 kabla ya kodi), yaani takriban KES 640 kwa mwezi.
Hiyo ni KES 42 zaidi ya kiasi ambacho pesa hiyo hiyo ingepata kwenye mnada uliopita.
Kiwango cha chini cha Benki Kuu ni KES 100,000. Serikali hulipa yote mwishoni mwa muda; hatari ni serikali kushindwa kulipa, na pesa haipatikani hadi muda uishe.
Compare with money market funds and bank deposits, after tax →
Results
By tenor
| Tenor | Rate | Previous | Offered | Bids | Subscription | Accepted | Price /100 |
|---|---|---|---|---|---|---|---|
| 91-day | 8.799% | 8.825% | KES 8.00bn | KES 24.36bn | 304% | KES 12.89bn | 97.853 |
| 182-day | 8.970% | 8.971% | KES 10.00bn | KES 15.15bn | 152% | KES 13.23bn | 95.719 |
| 364-day | 9.041% | 8.992% | KES 10.00bn | KES 4.51bn | 45% | KES 4.51bn | 91.729 |
Source: Central Bank of Kenya result notice · the PDF these figures were read from
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