Interbank rate
Interbank rate
See: LIBOR
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The bank said that one member voted to lower borrowing costs by 25 basis points, while the remainder of the five-strong board opted to hold the overnight interbank rate unchanged at 8.25 percent.
The interbank rate is the benchmark rate to determine the value of dollar and sets the direction for open market rates.
The interbank rate on Thursday was quoted as Rs141.50 while the greenback disappeared in the kerb.
The interbank rate, which relates to lending between banks, stood at 50 percent in the past three days.
GLA fully amortized its outstanding 6th series of debentures, which paid a coupon of 132 percent of the Brazilian CDI interbank rate, in the total amount of BRL 1.025 billion and issued a new single series of non-convertible and unsecured debentures in the amount of BRL 887.5 million, resulting in a net indebtedness reduction of BRL 137.5 million.
The interbank rate on Tuesday rested at Rs124 as the market opened, rose to Rs138, then dipped slightly to Rs133.
In parallel, the interbank market saw a mere offer for the greenback, which kept the LP/US$ interbank rate stable at LP 1,514-LP 1,514.50.
It was traded lower at the open market as Rs123.00 -124.00 well below the interbank rate. Since Monday, the dollar has lost Rs4 in the interbank market and Rs7 in the open currency market.
Saibor, a key Saudi interbank rate for riyals, rose on Monday above the central bank's benchmark repurchase rate, meaning that the Saudi central bank, SAMA, could face renewed pressure to raise the repo rate to keep the riyal attractive for depositors who might otherwise be tempted to shift into dollars.
The analysts noted that the amount of the bids exceeding the Sh35 billion offer happened due to improved liquidity where the average interbank rate came down and the Treasury bill offers were also oversubscribed.
Broad money supply (M2) grew by 14.4% year on year in August from 8.3% in July while the overnight interbank rates rose to 2.13% in August from 1.8% in July; the three-month interbank rate rose to 2.57% from 2.23%, QNB said.
In September, it lifted the interbank rate a half-point to 4.75 percent to support a weak peso currency, which had depreciated significantly against the U.S.
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