Investors in government securities, hard currencies and offshore financial assets have made the best returns in 2023, beating property and shares listed on the Nairobi Securities Exchange that difficult economic conditions hit hard.
Treasury bonds auctioned this year paid investors between 12.9 and 18 percent, while the one-year Treasury bill yield has ranged between 10.4 and 15.9 percent. Investors demanded higher rates from government to account for elevated inflation, a weaker shilling and the State’s difficulties in accessing credit from the external market on cost concerns.
