# Interest rates & yields

What money costs in Pakistan, and what the market expects it to cost. This page covers KIBOR, the policy rate and its corridor, the MUFAP PKRV/PKISRV revaluation curves, and government-securities auction cut-offs. Sources are the **SBP** and **MUFAP**.

| | |
|---|---|
| Modules | `fixed-income` (flagship ids) and `monetary` (deep SBP history) |
| Frequency | Daily (KIBOR, curves); per auction (cut-offs); on change (policy rate) |
| Endpoints | [`/v1/series/{id}`](https://pakdatahub.com/docs/api-series.md), [`/v1/fixed-income/auctions`](https://pakdatahub.com/docs/api-auctions.md) |

## KIBOR

| Id | What it is | History |
|---|---|---|
| `rates.kibor.3m` - `rates.kibor.6m` - `rates.kibor.1y` | KIBOR by tenor, `dims` `side` = `bid` or `offer`. Updated every business day | **Jun 2005 ->** |
| `rates.kibor.1w` - `.2w` - `.1m` - `.9m` | The other published tenors, same shape | **Jun 2005 ->** |
| `rates.kibor.2y` - `rates.kibor.3y` | Discontinued tenors | Jun 2005 -> Feb 2020 |
| `banking.<tenor>_karachi_interbank_offer` - `_bid` | The same history as separate bid/offer series, as SBP's "Structure of Interest Rates" publishes it | Jun 2005 -> |

```bash
# Latest 3-month KIBOR offer
curl -H "X-API-Key: pk_live_xxx" "https://api.pakdatahub.com/v1/series/rates.kibor.3m?dims=side:offer&limit=1"
# 20 years of 6-month KIBOR offer, one id
curl -H "X-API-Key: pk_live_xxx" "https://api.pakdatahub.com/v1/series/rates.kibor.6m?dims=side:offer&sort=asc&limit=10000"
```

## Policy rate

| Id | What it is |
|---|---|
| `rates.policy` | SBP policy rate (recorded when it changes) |
| `rates.policy.floor` - `rates.policy.ceiling` | Interest-rate corridor: overnight repo floor and reverse-repo ceiling |
| `rates.policy_target` | Policy (target) rate history, 2015 -> |
| `rates.reverse_repo` | SBP reverse-repo rate, **1956 ->** |
| `rates.repo.overnight` | Weighted-average overnight repo rate in the money market, daily (from Oct 2026) |
| `rates.repo` | SBP repo rate, 2009 -> |
| `rates.weighted_average_overnight_repo_rate` | Market overnight repo rate, daily, 2015 -> |

## Yield curves (MUFAP)

| Id | What it is | History |
|---|---|---|
| `rates.pkrv.1w` ... `rates.pkrv.20y` | PKRV government-securities revaluation curve, 20 tenors: 1w, 2w, 1m, 2m, 3m, 4m, 6m, 9m, 1y-10y, 15y, 20y | Jan 2022 -> |
| `rates.pkisrv.1m` - `.3m` - `.6m` - `.9m` - `.1y` | PKISRV Islamic (Ijara Sukuk) curve | Feb 2025 -> |

```bash
# Today's PKRV curve: one call per tenor, or pull several and pivot
for t in 3m 6m 1y 3y 5y 10y; do
  curl -s -H "X-API-Key: pk_live_xxx" "https://api.pakdatahub.com/v1/series/rates.pkrv.$t/latest"; done
```

## Auction cut-offs

| Id | History |
|---|---|
| `rates.auction.tbill.3m.cutoff_yield` (also `1m`, `6m`, `12m`) | T-Bills, 2004 -> |
| `rates.auction.pib.10y.cutoff_yield` (also `2y`, `3y`, `5y`, `15y`, `20y`, `30y`) | Fixed-rate PIBs, 2000 -> |
| `rates.auction.gis.3y.cutoff_price` - `rates.auction.gis.5y.cutoff_price` | GoP Ijara Sukuk |

There's a table form at [`/v1/fixed-income/auctions`](https://pakdatahub.com/docs/api-auctions.md). Floating-rate PIB and Sukuk **secondary prices** are under [Debt securities](https://pakdatahub.com/docs/api-securities.md).

Use cases: pricing floating-rate loans off KIBOR, discounting cash flows with the PKRV curve, ALM and treasury models, comparing primary auctions with the secondary curve, monetary-policy analysis. See the [rates module page](https://pakdatahub.com/data/rates).

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Source: https://pakdatahub.com/docs/data-rates - PakDataHub docs index: https://pakdatahub.com/docs/llms.txt