Money Market Report

Money market report by Khadim Ali Shah Bukhari & Co on Saturday (February 12, 2005).
DAILY MONEY MARKET COMMENTS: Today morning the money market rates were indicated between the bids and offer range of 0.50% - 1.00%. As the day progressed, the gap between bids and offers narrowed down and the first repo deal was witnessed at the level of 0.75%. Most of the overnight repo deals were done at the level of 0.50% - 0.75%. There are very few banks who borrowed in overnight repo from 1.00% . However in clean & call placements the overnight interest rates were 1.75% - 2.25%. At the end of the day, the interbank overnight rates were closed at 0.25%-0.50%. Keeping in view, today's interbank market, however were expecting OMO on Monday therefore overnight rates can be improved by 1.00% to 2.00%.

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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   0.25       0.75       0.50        1.00           0.63

1-Week      0.75       1.00       1.25        1.50           1.13

2-Week      2.00       2.25       2.50        2.75           2.38

1-Month     3.25       3.50       3.75        4.00           3.63

2-Months    3.75       4.00       4.25        4.50           4.13

3-Months    4.50       5.00       4.75        5.25           4.88

4-Months    4.75       5.25       5.00        5.50           5.13

5-Months    5.00       5.50       5.60        5.75           5.46

6-Months    5.00       5.50       5.60        6.00           5.53

9-Months    5.25       5.75       6.00        6.60           5.90

1-Year      5.50       5.75       6.00        6.75           6.00

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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   0.75       1.25       1.00        1.50           1.13

1-Week      1.00       1.50       1.75        2.00           1.56

2-Week      2.25       2.50       2.75        3.00           2.63

1-Month     3.50       3.75       4.25        4.50           4.00

2-Month     4.00       4.25       4.75        5.00           4.50

3-Month     4.75       5.00       5.25        5.50           5.13

4-Month     5.00       5.50       5.75        6.00           5.56

5-Month     5.25       5.75       6.25        6.50           5.94

6-Month     5.75       6.00       6.50        6.75           6.25

9-Month     6.00       6.25       6.75        7.00           6.50

1-Year      6.50       6.75       7.00        7.25           6.88

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PIB Secondary Market Data

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Maturity         Yield      Range

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0.1-0.5  Years    4.75       5.00

0.6-1.0  Years    4.80       5.10

1.1-1.5  Years    5.50       6.80

1.6-2.0  Years    6.50       6.10

2.1-2.5  Years    6.10       6.30

2.6-3.0  Years    6.20       6.40

3.1-3.5  Years    6.50       6.80

3.6-4.0  Years    6.70       7.10

4.1-4.5  Years    6.80       7.15

5.6-6.0  Years    7.60       7.80

6.1-6.5  Years    7.75       7.90

6.6-7.0  Years    7.85       7.95

7.1-7.5  Years    7.80       8.00

7.6-8.0  Years    7.95       8.05

8.1-8.5  Years    7.95       8.05

8.6-9.0  Years    8.00       8.10

9.1-9.5  Years    8.05       8.15

9.6-10.0 Years    8.10       8.20

15 Years          9.10       9.15

20 Years         10.10      10.20

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FIB Secondary Market Data

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Maturity       Yield        Range

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0.1-0.5 Years   5.25         5.50

0.6-1.0 Years   5.50         5.75

1.1-1.5 Years   5.60         5.90

1.6-2.0 Years   6.25         6.50

2.1-2.5 Years   6.40         6.70

2.6-3.0 Years   6.50         6.80

3.1-3.5 Years   6.60         6.90

3.6-4.0 Years    -              -

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Clean Deposit Market

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Tenor          Range      (% p a)

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01 Month        5.75         6.50

03 Months       6.50         7.00

06 Months       7.25         8.00

12 Months       7.50         8.00

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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                2.30-2.60

8-15 Days               2.90-3.20

16-30 Days              3.75-4.00

31-60 Days              4.25-4.50

61-90 Days              4.40-4.80

91-120 Days             4.50-4.90

121-180 Days            4.60-5.00

181-270 Days            4.80-5.20

271-365 Days            5.10-5.35

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Kerb Market FX Rate

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Currency        Bid         Offer

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USD            59.50        59.60

EUR            76.60        76.90

GBP           111.30       111.60

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