Nairobi, Aug. 17 -- Pension schemes overtook banks as the biggest buyers of government securities for the financial year ending June 2021 on the back of volatility in the stock market, which prompted investors to invest more in low-risk assets.
The return-chasing pension funds grew their allocation of retirees' savings in government debt by more than half in a year the Treasury and Central Bank of Kenya (CBK) issued their preferred longer-dated bonds to reduce the refinancing risk for domestic debt.
Latest CBK data shows managers of retirement savings invested an additional Sh207.87 billion in Treasury bonds and bills in the review period, a 52.34 percent jump over the previous year, which lifted them above banks for the first time.
Bank...