Money Market Report

Money market report by Khadim Ali Shah Bukhari & Co on Saturday (July 22, 2006).
DAILY MONEY MARKET COMMENTS: The money market rates initiated within the band of 8.90% - 8.95%. As the day progressed most of the trades were seen within the band of 7.50% - 8.50% and closed within the band of 7.00% - 7.50%.
The speaking point about the interbank money market today was the revised rates of CRR of banks from 5% to 7% and SLR from 15% to 18% of the deposits, that pushed the Kibor rates to maximum level and overnight rates in call and clean were seen within the vicinity of 12.00%-15.00%.
Keeping in view of the current market situation we believe that the kibor for the tenor of 1 week, 2 week and 1 month would remain on the higher side in this week. As for Monday it is expected that money market would remain within the band of 7.00%-7.50%.

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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   7.00       8.95       7.25        8.95           8.04

1-Week      8.25       8.75       8.50        8.90           8.60

2-Weeks     8.40       8.75       8.50        8.80           8.61

1-Month     8.40       8.60       8.50        8.75           8.56

2-Months    8.40       8.65       8.60        8.75           8.60

3-Months    8.45       8.65       8.60        8.75           8.61

4-Months    8.50       8.70       8.65        8.80           8.66

5-Months    8.50       8.70       8.65        8.80           8.66

6-Months    8.60       8.75       8.70        8.85           8.73

9-Months    8.60       8.75       8.70        8.85           8.73

1-Year      8.70       8.80       8.75        8.85           8.78

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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   9.50      14.00      10.50       15.00          12.25

1-Week      9.25      11.00      10.00       12.00          10.56

2-Weeks     9.50      11.00      10.50       12.00          10.75

1-Month     9.50      11.00      10.25       11.25          10.50

2-Months    9.50      10.75      10.25       11.25          10.44

3-Months    9.75      11.00      10.50       11.25          10.63

4-Months    9.75      11.00      10.50       11.25          10.63

5-Months    9.75      11.00      10.75       11.50          10.75

6-Months   10.00      11.25      10.75       11.75          10.94

9-Months   10.25      11.25      11.00       11.75          11.06

1-Year     10.50      11.50      11.00       12.00          11.25

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PIB Secondary Market Data

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Maturity         Yield      Range

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0.1-0.5 Years     8.60       8.70

0.6-1.0 Years     8.80       8.90

1.1-1.5 Years     8.90       9.05

1.6-2.0 Years     9.20       9.30

2.1-2.5 Years     9.20       9.30

2.6-3.0 Years     9.25       9.35

3.1-3.5 Years     9.20       9.40

3.6-4.0 Years     9.35       9.45

4.1-4.5 Years     9.40       9.45

4.6-5.0 Years     9.50       9.60

5.1-5.5 Years     9.55       9.60

5.6-6.0 Years     9.55       9.65

6.1-6.5 Years     9.60       9.65

6.6-7.0 Years     9.55       9.65

7.1-7.5 Years     9.55       9.65

7.6-8.0 Years     9.60       9.70

8.1-8.5 Years     9.60       9.70

9.5-10.0 Years    9.80       9.85

15 Years         10.50      11.00

20 Years         10.75      11.25

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FIB Secondary Market Data

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Maturity       Yield        Range

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0.1-0.5 Years   8.60         8.70

0.6-1.0 Years   8.80         8.90

1.1-1.5 Years   8.90         9.05

1.6-2.0 Years   9.20         9.30

2.1-2.5 Years   9.20         9.30

2.6-3.0 Years   9.25         9.35

3.1-3.5 Years   9.20         9.40

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Clean Deposit Market

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Tenor          Range      (% p a)

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1 Month        10.50        11.50

3 Months       10.50        11.50

6 Months       10.75        11.50

12 Months      11.00        12.00

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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                8.50-8.90

8-15 Days               8.10-8.40

16-30 Days              8.20-8.40

31-60 Days              8.25-8.50

61-90 Days              8.25-8.40

91-120 Days             8.45-8.50

121-180 Days            8.50-8.55

181-270 Days            8.60-8.70

271-365 Days            8.70-8.75

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Kerb Market FX Rate

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Currency        Bid         Offer

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USD            60.80        60.85

EUR            76.50        76.80

GBP           112.00       112.50

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