Karachi, July 23, 2025 – The State Bank of Pakistan (SBP) on Wednesday issued the latest Karachi Interbank Offered Rates (KIBOR) for July 23, 2025, showing a mixed trend across various tenors as banks continue to navigate evolving liquidity conditions and interest rate expectations.
The KIBOR, a benchmark interest rate used by banks to lend funds to one another in the interbank market, is also widely used in Pakistan as a reference rate for pricing corporate loans. The rates, published daily by the SBP, serve as a key indicator of short-term borrowing costs in the financial sector.
Compared to the previous day, the KIBOR rates for July 23 reflect marginal shifts across most tenors, highlighting a cautious yet stable sentiment in the money market.
Below is a comparative table of KIBOR rates issued by the SBP for July 23 and July 22, 2025:
| Tenor | Bid (July 23) | Offer (July 23) | Bid (July 22) | Offer (July 22) |
| 1-Week | 10.92% | 11.42% | 10.92% | 11.42% |
| 2-Week | 10.88% | 11.38% | 10.91% | 11.41% |
| 1-Month | 10.84% | 11.34% | 10.85% | 11.35% |
| 3-Month | 10.80% | 11.05% | 10.81% | 11.06% |
| 6-Month | 10.74% | 10.99% | 10.76% | 11.01% |
| 9-Month | 10.70% | 11.20% | 10.71% | 11.21% |
| 1-Year | 10.66% | 11.16% | 10.65% | 11.15% |
While short-term tenors like the 1-week KIBOR remained unchanged, slight dips were observed in mid- and long-term rates, such as the 6-month and 9-month bids and offers. These minor adjustments suggest steady liquidity in the banking system, with minimal volatility in short-term lending rates.
Market analysts note that the SBP’s stance on maintaining interest rate stability, supported by macroeconomic indicators and inflation data, continues to anchor the direction of KIBOR. The daily dissemination of KIBOR by the SBP remains vital for banks, corporates, and borrowers for pricing financial instruments and assessing market trends.