Rates
KIBOR Rates Today
Daily Karachi Interbank Offered Rate — every tenor from 1 week to 1 year, from State Bank of Pakistan data. As of 16 Jul 2026.
01—Today's fixings
Bid (KIBID) and offer (KIBOR) for every quoted tenor
KIBOR is the rate at which Pakistani banks lend to each other — and the benchmark almost every corporate loan, mortgage, and floating-rate sukuk in the country reprices against. For equity investors it is the single most important number outside the exchange: it sets the discount rate that stock valuations answer to.
As of 16 Jul 2026, 6-month KIBOR stands at 11.64% (unchanged day-over-day), versus 11.02% a year ago.
| Tenor | Bid (KIBID) | Offer (KIBOR) | Day change |
|---|---|---|---|
| 1-Week | 11.32% | 11.82% | -2bps |
| 2-Week | 11.35% | 11.85% | unchanged |
| 1-Month | 11.36% | 11.86% | +1bps |
| 3-Month | 11.37% | 11.62% | unchanged |
| 6-Monthbenchmark | 11.39% | 11.64% | unchanged |
| 9-Month | 11.39% | 11.89% | +1bps |
| 1-Year | 11.40% | 11.90% | +1bps |
02—6-month KIBOR history
The benchmark tenor over the last two trading years
03—KIBOR and the stock market
How the interbank rate flows through to PSX valuations
Banks earn the spread
Commercial banks price loans off KIBOR and fund them with deposits. A higher rate environment typically widens spreads and lifts bank earnings — one reason banking stocks often outperform in tightening cycles.
Commercial banks sector →Leverage costs track it
MTS and MFS financing rates on the exchange move with KIBOR. When it rises, carrying leveraged positions costs more — visible in the market's financing totals on our leverage page.
Leverage & settlement →Valuations answer to it
KIBOR anchors the risk-free leg of equity valuation in Pakistan. Falling rates make future earnings worth more today — historically the strongest tailwind for high-P/E growth and cyclical sectors.
Screen by P/E →04—KIBOR FAQs
Quick answers, updated with the data
Frequently Asked Questions
As of 16 Jul 2026, 6-month KIBOR — the benchmark tenor most loans are priced against — is 11.64% (unchanged from the previous fixing). The full table above lists every tenor from 1 week to 1 year, updated each business day from SBP data.
KIBOR (Karachi Interbank Offered Rate) is the average rate at which Pakistani banks offer to lend unsecured funds to one another. It is fixed every business day for tenors from 1 week to 1 year and serves as the benchmark for corporate loans, mortgages, and floating-rate instruments across Pakistan. See the full KIBOR guide in our glossary.
KIBOR is the discount rate of Pakistan's real economy. When it rises, corporate borrowing costs climb, leveraged companies' margins compress, and equity valuations face a higher hurdle rate — while banks' spreads often widen. When it falls, rate-sensitive sectors like cement, steel, and autos typically re-rate first. Track sector reactions on the sectors hub.
The policy rate is set by the State Bank's Monetary Policy Committee at scheduled meetings; KIBOR is a market rate fixed daily from interbank quotes. KIBOR normally trades near the policy rate but moves ahead of it when the market anticipates a hike or cut — which is why analysts watch the spread between the two.
6-month KIBOR is the convention: most corporate lending and floating-rate sukuk in Pakistan reset against it. Shorter tenors (1-week to 1-month) track immediate liquidity conditions, while the 1-year tenor carries the market's rate expectations furthest out.
Rates are sourced from the State Bank of Pakistan's official EasyData portal, which publishes daily KIBOR/KIBID fixings (history back to 2005). See About Our Data for refresh cadence and methodology.
Rates set the tide
Trade the rate cycle with the full picture
Cross-check today's KIBOR against bank earnings, leverage costs, and sector performance — then act with live PSX prices and a research desk behind you.