Karachi Inter Bank Offered Rate

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Karachi Inter Bank Offered Rate

Commonly called KIBOR. The average interest rate that prime banks in Pakistan offer for term deposits.
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In case of local lending, it is indexed to Karachi Inter Bank Offer Rate (Kibor) and in case of foreign lending it is indexed to London Inter Bank Offer Rate (Libor) and any variation in the exchange rate.
- For annual revision, "K" denotes 90 days average of 12-month KIBOR (Karachi Inter Bank Offer Rate), announced for each calendar quarter by the Bank.
The announcement said it has been decided that the financing provided on the basis of participatory 'Musharakah' and 'Mudaraba' and 'Wakalah' (agency) modes by the Islamic banking institutions shall be exempted from the requirement of using Karachi inter bank offer rate (Kibor), as the benchmark rate, reported Khaleej Times.

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