Karachi August 21 2022: Pakistan lending benchmark, 6-Month KIBOR, reaches an all time high of 16.01 percent on 18th August 2022 before coming down by 1 basis points to close at 16.00 percent on 19th August 2022 as State Bank of Pakistan set to hold Monetary Policy Committee meeting on 22nd August 2022.
Before this upsurge during the mid of last month and this time, 6-Month KIBOR hit high of 15.76 percent on 11th November 2008.
The other most widely used 3-Month KIBOR was recorded at 15.91 percent while 1-year KIBOR registered at 16.33 percent on 18th August 2022.
Pakistan’s Inflation, increased by 24.9% on year-on-year basis in July 2022 as compared to an increase of 21.3% in the previous month and 8.4% in July 2021, according to data released by Pakistan Bureau of Statistics.
During last Monetary Policy Committee, SBP raised the policy rate by 125 basis points to 15 percent a high of 13 years. In addition, the interest rates on EFS and LTFF loans are now being linked to the policy rate to strengthen monetary policy transmission, while continuing to incentivize exports by presently offering a discount of 500 basis points relative to the policy rate.