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Our results, obtained using transfer function approach, show that the pass through of changes in Treasury bill rate to KIBOR is very quick.
In a press statement issued here on Friday, President KPCCI said after reduction in oil price, inflation ratio is also reduced, but the State Bank of Pakistan has maintained the ratio of KIBOR, resulting in high mark up rates on bank loans.
In SEDF Small and Medium Enterprises are given subsidy on loan by Banks to their projects, where KIBOR part of the loan is paid by Government of Sindh, which has helped stimulate micro economy.
Earlier, acting Secretary SEDF Mehboob ul Haq briefed the Board about the applications recommended by the appraisal Committee for KIBOR.
LIBOR rates also rose 1-19 bps for different maturities, remaining well above KIBOR rates.
Going forward, it is estimated that further attrition in spreads as the monetary easing cycle appears to be over for now and banks are likely to start charging a higher spread over KIBOR.
With regard to mark up, the guidelines said that banks shall determine mark up rate keeping in view KIBOR rate and their cost of funds, etc.
The profit is payable at three month KIBOR plus 250 bps quarterly in arrears.
Borrowings of this scale would not have been possible without an upward pressure on market interest rates," he said and added that the borrowing of government agencies for financing its wheat, urea, and sugar trading operations was Rs 382 billion at just under 3 percentage points above KIBOR, indicating the interest rate regime that the private sector would have to face in competition with the sovereign.
The projects which intend to put up value addition processes in agro-processing, fruit processing, Livestock and dairy processing are offered financial subsidy through SEDF whereby the KIBOR part of interest is paid 100% through this fund, making the financing almost interest free for 35 years.
NCEL is Pakistans first and only demutualised exchange, and lists various commodity and financial futures contracts in Gold, Silver, Crude Oil, Rice, Palm Olein and KIBOR futures.
The Exchange also lists IRRI-6 Rice, Palm Olien and KIBOR Futures.