title: KIBOR
text: # KIBOR
  
  The Karachi Interbank Offered Rate, commonly known as KIBOR, is a daily reference rate based on the interest rates at which banks offer to lend unsecured funds to other banks in the Karachi wholesale (or "interbank") money market. The banks used it as a benchmark in their lending to corporate sector.
  
  It is also known as the benchmark rate and is published by Financial Market Association of Pakistan.
  
  ## Process
  
  It is quoted daily by participating banks on Reuters at 11:30 am. With 20 member banks, KIBOR rates are calculated by averaging the middle twelve rates, excluding the four highest and four lowest quotes.
  
  ## Tenors
  
  * 1 week
  * 2 weeks
  * 1 month
  * 3 months
  * 6 months
  * 9 months
  * 1 year
  