Pakistan Interest Rates: Policy Rate, KIBOR and Government Yields
The rate the State Bank of Pakistan sets, what banks charge each other (KIBOR) and what the government pays to borrow, from three months to ten years. Business loans are priced off KIBOR, and every PSX valuation is set against these rates.
Latest data: 13 Oct 2026
Rates over time
KIBOR is the offer rate. Tap a name to show or hide it.
Government yield curve
Yield by maturity, from 3-month T-bills to 10-year PIBs
SBP policy rate decisions
11.50% since Apr 2026; last decision 14 Sep 2026
Next MPC meetings: 26 Oct 2026 · 14 Dec 2026
| Decision | Policy rate | Change |
|---|---|---|
| 14 Sep 2026 | 11.50% | Held |
| 27 Jul 2026 | 11.50% | Held |
| Jun 2026 | 11.50% | Held |
| Apr 2026 | 11.50% | +1.00 pp |
| Mar 2026 | 10.50% | Held |
| Jan 2026 | 10.50% | Held |
| Dec 2025 | 10.50% | −0.50 pp |
| Oct 2025 | 11.00% | Held |
| Sep 2025 | 11.00% | Held |
| Jul 2025 | 11.00% | Held |
| Jun 2025 | 11.00% | Held |
| May 2025 | 11.00% | −1.00 pp |
KIBOR and government yields, last 15 days
| Date | KIBOR 3M | KIBOR 6M | KIBOR 1Y | 3M yield | 1Y yield | 5Y yield | 10Y yield |
|---|---|---|---|---|---|---|---|
| 13 Oct 2026 | 12.01 | 12.45 | 12.78 | 11.73 | 12.45 | 12.80 | 12.82 |
| 12 Oct 2026 | 12.01 | 12.42 | 12.75 | 11.73 | 12.45 | 12.80 | 12.82 |
| 9 Oct 2026 | 11.99 | 12.41 | 12.73 | 11.72 | 12.45 | 12.78 | 12.81 |
| 8 Oct 2026 | 11.98 | 12.38 | 12.68 | 11.76 | 12.45 | 12.82 | 12.80 |
| 7 Oct 2026 | 11.97 | 12.38 | 12.68 | 11.76 | 12.45 | 12.81 | 12.79 |
| 6 Oct 2026 | 11.98 | 12.39 | 12.68 | 11.76 | 12.47 | 12.80 | 12.78 |
| 5 Oct 2026 | 11.97 | 12.39 | 12.68 | 11.76 | 12.48 | 12.86 | 12.82 |
| 2 Oct 2026 | 11.95 | 12.35 | 12.64 | 11.75 | 12.41 | 12.82 | 12.80 |
| 1 Oct 2026 | 11.94 | 12.26 | 12.54 | – | – | – | – |
| 30 Sep 2026 | 11.85 | 12.08 | 12.43 | 11.64 | 12.20 | 12.72 | 12.74 |
| 29 Sep 2026 | 11.83 | 12.05 | 12.43 | 11.63 | 12.19 | 12.78 | 12.80 |
| 28 Sep 2026 | 11.79 | 12.02 | 12.41 | 11.58 | 12.18 | 12.77 | 12.77 |
| 25 Sep 2026 | 11.78 | 11.98 | 12.38 | 11.53 | 12.14 | 12.64 | 12.67 |
| 24 Sep 2026 | 11.77 | 11.98 | 12.37 | 11.52 | 12.11 | 12.57 | 12.63 |
| 23 Sep 2026 | 11.75 | 11.96 | 12.36 | 11.49 | 12.04 | 12.34 | 12.48 |
Percent a year. KIBOR is the offer side; yields are mid rates.
Reading interest rates
- SBP policy rate
- The rate the State Bank of Pakistan sets at its monetary policy meetings to steer the economy. Borrowing costs across the country move with it.
- KIBOR
- The Karachi Interbank Offered Rate: what banks charge each other. Most business loans and many car and home loans are priced as KIBOR plus a margin.
- Government yields
- What the government pays to borrow at each maturity, from three-month T-bills to ten-year PIBs. The curve shows where the market expects rates to go.
Questions about Pakistan interest rates
What is KIBOR?
The Karachi Interbank Offered Rate, the rate at which banks lend to each other for terms up to a year. It is set every business day, and loans are usually priced as KIBOR plus a margin.
How often does the SBP change the policy rate?
At its monetary policy meetings, held several times a year. Each decision is announced with a statement; the rate can also be left unchanged.
Why do interest rates matter for the stock market?
Lower rates make borrowing cheaper for companies and make shares look better value against bank deposits and bonds. Banks are the exception that cuts both ways: their margins follow KIBOR.
Source: State Bank of Pakistan. Each figure shows the period it is for: the series are published on their own schedules, so some are more recent than others.