Money Market Report
Money market report by Khadim Ali Shah Bukhari & Co on Wednesday (August 17, 2005).
DAILY MONEY MARKET COMMENTS: Today money market rate were initiated on the level of 8.75% - 8.90% and the first deal was witnessed at 8.90% but later in the day the overnight rates dropped to the level of 8.00% - 8.25%. However in clean & call placements the overnight interest rates were at 9.00% - 9.75%. At the end of the day the interbank market closed at the level of 8.50% - 8.75%. SBP reported a nominal discounting of Rs 115 million.
SBP conducted auction for the sale of 3,6 and 12 months treasury bills and accepted Rs 9.025 billion in 3 months @ 7.9197%, Rs 2.775 billion in 6-months @ 8.1388% & Rs 2.85 billion in 12 months @ 9.7907% against the total participation of Rs 52.050 billion.
Keeping in view of today's interbank market we believe that on Thursday overnight repo rates will remain at 1.00% - 2.00% due to excess liquidity in the market. However, if SBP conducts OMO we expect that the overnight repo rates may go upto 5.50% - 6.50%.
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Repo Rates (Yield p a)
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Tenor Low Bid High Bid Low Offer High Offer Average
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Overnight 8.00 8.90 8.10 8.90 8.48
1-Week 7.50 7.80 8.00 8.25 7.89
2-Week 7.60 7.75 8.00 8.25 7.90
1-Month 7.60 7.85 8.00 8.15 7.90
2-Months 7.75 7.90 8.10 8.25 8.00
3-Months 7.80 7.95 8.05 8.20 8.00
4-Months 7.85 8.00 8.10 8.30 8.06
5-Months 7.90 8.10 8.20 8.40 8.15
6-Months 8.00 8.15 8.25 8.50 8.23
9-Months 8.10 8.20 8.30 8.65 8.31
1-Year 8.25 8.50 8.75 8.90 8.60
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Call Rates (Yield p a)
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Tenor Low Bid High Bid Low Offer High Offer Average
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Overnight 8.25 9.00 8.50 9.25 8.75
1-Week 7.75 8.00 8.25 8.50 8.13
2-Week 8.00 8.25 8.50 8.75 8.38
1-Month 8.00 8.20 8.40 8.60 8.30
2-Months 8.20 8.40 8.60 8.80 8.50
3-Months 8.30 9.00 8.75 9.25 8.83
4-Months 8.35 9.00 8.80 9.30 8.86
5-Months 8.40 9.10 8.90 9.35 8.94
6-Months 8.50 9.20 9.25 9.50 9.11
9-Months 8.75 9.35 9.30 9.65 9.26
1-Year 9.00 9.50 9.65 9.90 9.51
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PIB Secondary Market Data
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Maturity Yield Range
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0.1-0.5 Years 8.70 8.75
0.6-1.0 Years 8.70 8.75
1.1-1.5 Years 8.85 8.90
1.6-2.0 Years 8.95 9.05
2.1-2.5 Years 8.95 9.05
2.6-3.0 Years 9.10 9.20
3.1-3.5 Years 9.10 9.20
3.6-4.0 Years 9.15 9.25
4.1-4.5 Years 9.15 9.25
4.6-5.0 Years 9.20 9.30
5.1-5.5 Years 9.25 9.30
5.6-6.0 Years 9.30 9.35
6.1-6.5 Years 9.30 9.40
6.6-7.0 Years 9.35 9.45
7.1-7.5 Years 9.35 9.45
7.6-8.0 Years 9.40 9.50
8.1-8.5 Years 9.40 9.55
8.6-9.0 Years 9.00 9.20
15 Years 10.75 11.50
20 Years 11.75 12.25
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FIB Secondary Market Data
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Maturity Yield Range
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0.1-0.5 Years 7.90 8.00
0.6-1.0 Years 8.50 8.60
1.1-1.5 Years 8.95 9.00
1.6-2.0 Years 9.05 9.15
2.1-2.5 Years 9.05 9.15
2.6-3.0 Years 9.20 9.30
3.1-3.5 Years 9.20 9.30
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Clean Deposit Market
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Tenor Range (% p a)
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1 Month 8.75 9.25
3 Months 9.00 9.40
6 Months 9.25 9.75
12 Months 9.75 10.25
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T-Bill Secondary Market Data
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3 Months, 6 Months &
12 Months Instruments
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Days to Maturity Yield Range %
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0-7 Days 8.75-9.00
8-15 Days 8.10-8.30
16-30 Days 7.85-8.20
31-60 Days 7.90-8.05
61-90 Days 7.90-8.10
91-120 Days 7.90-8.10
121-180 Days 8.00-8.15
181-270 Days 8.50-8.65
271-365 Days 8.69-8.77
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Kerb Market FX Rate
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Currency Bid Offer
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USD 60.05 60.10
EUR 73.70 73.80
GBP 107.85 107.95
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