KIBOR Rates Decline Further Following SBP Monetary Policy Announcement

KIBOR rates decline further by 25-119 basis points (bps) across all tenors on Friday following the central bank’s move to cut the key interest rate by 200 bps a day earlier. The 6-Month Karachi Inter-Bank Offered Rate (KIBOR) fell by 57 bps on a day-on-day (DoD) basis. According to the State Bank of Pakistan (SBP) data, the 6-month KIBOR clocked in at 17.1 percent, after the mid-week monetary policy announcement which brought down the lending rate to 17.5 percent. The other widely used 3-Month KIBOR was down 48 bps and was recorded at 17.34 percent. The 1-year KIBOR slid by 25 bps to 16.94 percent. The 1-Week KIBOR dropped 119 bps to settle at 17.95 percent.