KIBOR drops by 77bps

News Image

MG News | September 15, 2023 at 03:55 PM GMT+05:00

0:00

September 15, 2023 (MLN): Right after the surprising decision of the State Bank of Pakistan (SBP) to keep the policy rate unchanged at 22% even when the market was expecting a rate hike of 100-200 bps, the 1W Karachi Interbank Offered Rate (KIBOR) dropped by 77 bps on Friday to 21.34% compared to yesterday’s value of 22.11%.

Accordingly, the six months KIBOR decreased by 1.59% to 22.84%, and one-year KIBOR plummeted by 1.61% to 22.93%.

Taking clues from the last T bill auction, wherein the yield jumped to 25.06%, the market was expecting a rate hike of 100-200 bps.

Notably, the yield in the T Bills auction held on Wednesday surpassed the prevailing interest rates, highlighting the economic uncertainty and PKR devaluation. Thus, auction participants were asking for high margins.

However, subsequent efforts by authorities in previous days to reign in the illicit activities in the currency market helped the local currency to gain its strength.

Copyright Mettis Link News

Related News

Name Price/Vol %Chg/NChg
KSE100 157,118.54
41.95M
0.60%
940.72
ALLSHR 96,186.26
142.17M
0.58%
555.87
KSE30 47,921.48
39.48M
0.51%
243.01
KMI30 231,310.25
20.92M
0.71%
1628.03
KMIALLSHR 64,747.84
53.52M
0.59%
381.08
BKTi 42,217.26
24.23M
0.70%
294.46
OGTi 31,695.39
3.93M
-0.13%
-40.40
Symbol Bid/Ask High/Low
Name Last High/Low Chg/%Chg
BITCOIN FUTURES 118,080.00 118,295.00
116,115.00
2255.00
1.95%
BRENT CRUDE 67.82 68.01
67.50
-0.13
-0.19%
RICHARDS BAY COAL MONTHLY 84.00 0.00
0.00
-0.40
-0.47%
ROTTERDAM COAL MONTHLY 93.50 93.50
93.50
0.15
0.16%
USD RBD PALM OLEIN 1,106.50 1,106.50
1,106.50
0.00
0.00%
CRUDE OIL - WTI 63.55 63.82
63.24
-0.50
-0.78%
SUGAR #11 WORLD 16.23 16.59
16.23
-0.33
-1.99%

Chart of the Day


Latest News
September 18, 2025 at 09:27 AM GMT+05:00

NBP issues foreign exchange rates


September 18, 2025 at 09:16 AM GMT+05:00

MG Morning Breeze: Updates to Skim before Market


September 18, 2025 at 12:19 AM GMT+05:00

Pakistan, Saudi Arabia sign Strategic Mutual Defense Agreement


September 17, 2025 at 11:55 PM GMT+05:00

Fed delivers 25 basis-point rate cut



Top 5 things to watch in this week

Pakistan Stock Movers
Name Last Chg/%Chg
Name Last Chg/%Chg