Kenya's treasury bills are short$-$term debt instruments issued by the government to finance its budget deficit. The bills are issued in various tenors, ranging from $91$ days to one year, and are sold through auctions to investors, including banks, insurance companies, and pension funds. Kenya's treasury bills have experienced a high rate in recent times, which has had significant implications for the country's economy. The high rate has been attributed to various factors, including a widening budget deficit, reduced foreign exchange reserves, and global economic uncertainties. The high rate has led to increased borrowing costs for the government, reduced investor confidence, and a slowdown in economic growth.

REQUIRED;

Discuss the repercussions of the high treasury bills rate to the overall economy, local businesses community and local investors. $(8$ Marks$)$