Ethanol is highly hygroscopic and quickly absorbs humidity from the air, up to 4.4 % w/w (azeotrope mixture). Higher absorption of humidity causes evaporation of ethanol, in order to keep constant the azeotrope mass ratio at EtOH/H2O = 95.6/4.4 w/w, which corresponds to a molar ratio EtOH/H2O = 8.5/1.0.
On the other hand, addition of molecular sieves simply delays water absorption and does not really dehydrates ethanol because molecular sieves can absorb water, up to 25% per their mass. Thus and roughly, addition of molecular sieves in ethanol at 4% w/w, can absorb 1% w/w of humidity, only.
In other words, almost all K2CO3 has been hydrolyzed to KOH during the reaction procedure, if using absolute ethanol from a (old and often opened) half-empty bottle (with or without molecular sieves), as a solvent in reactions involving K2CO3 and at dilutions that are in accordance with the ordinary laboratory practice.
PS: Sorry but I was off-line during the weekend.