KIBOR plummets on policy rate decision

The Karachi Interbank Offered Rate (KIBOR) dropped sharply on Friday following the State Bank of Pakistan’s decision to maintain the policy rate at 22 percent. KIBOR is the average interest rate at which banks want to lend money to other banks. The six-month KIBOR fell by 159 basis points (bps) to 23.09 percent. The three-month KIBOR decreased by 124 bps to 22.80, while the nine-month KIBOR declined by 157 bps to 23.43 percent. One-month KIBOR went down by 100 bps to 22.39 percent. (Business Recorder)