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6-month KIBOR hits a 13-year high at 14.1%

by News Publishing
April 27, 2022
in Business
Reading Time: 1 min read
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6-month KIBOR hits a 13-year high at 14.1%
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The six-month Karachi Interbank Offered Rate (KIBOR) surged to a 13-year high amid rising concerns of credit expansion and economic recession brought on by rising borrowing costs. KIBOR as a benchmark for consumer and corporate lending.

According to data from the State Bank of Pakistan (SBP), the KIBOR reached a high of 14.1 percent. Since February 2009, this is the highest level.

The six-month KIBOR increased by 641 basis points in the current fiscal year 2021-22. During the preceding year, it remained at 7.69 percent. The public’s decision-making power to spend, save, or invest is influenced by KIBOR fluctuations.

“KIBOR is escalating due to growing credit risk in the market, due to the macroeconomic environment,” Taurus Securities Limited Head of Research Mustafa Mustansir stated.

“Expensive loans would diminish demand for bank credit,” Mustansir noted, “, particularly in the case of consumer loans and loans to SMEs.”

Mustansir stated that private sector credit development was critical for overall economic growth. He went on to say that a halt in private-sector borrowing would have an impact on economic activity.

Pakistan’s economic growth rate is expected to be 4% in the current fiscal year, lower than the 4.8 percent objective set in the budget for 2021-22.

Tags: economic growth rateKarachi Interbank Offered RatelatestState Bank of Pakistan
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