Karachi, January 23, 2026 – The State Bank of Pakistan (SBP) on Friday released the latest Karachi Interbank Offered Rates (KIBOR), providing an important benchmark for banks, financial institutions, and corporate borrowers across the country.
KIBOR serves as the reference rate for pricing loans, advances, and other financial instruments in Pakistan. The newly issued rates for January 23, 2026, show a slight decline across most tenors compared to the previous trading day, reflecting easing expectations in the money market.
Below is the complete KIBOR structure for January 23, 2026:
| Tenor | Bid (%) | Offer (%) |
| 1-Week | 10.14 | 10.64 |
| 2-Week | 10.09 | 10.59 |
| 1-Month | 10.03 | 10.53 |
| 3-Month | 9.96 | 10.21 |
| 6-Month | 9.96 | 10.21 |
| 9-Month | 9.94 | 10.44 |
| 1-Year | 9.93 | 10.43 |
For comparison, the KIBOR rates recorded on January 22, 2026, were as follows:
| Tenor | Bid (%) | Offer (%) |
| 1-Week | 10.17 | 10.67 |
| 2-Week | 10.11 | 10.61 |
| 1-Month | 10.05 | 10.55 |
| 3-Month | 9.99 | 10.24 |
| 6-Month | 9.99 | 10.24 |
| 9-Month | 9.99 | 10.49 |
| 1-Year | 9.98 | 10.48 |
Market analysts consider KIBOR a key barometer of monetary policy direction. With the SBP scheduled to announce its Monetary Policy Statement (MPS) on January 26, 2026, the downward movement in KIBOR rates has fueled speculation that the central bank may opt for a cut in the benchmark policy rate.