How is it possible that Pakistan current kibor rate is higher than discount rate?

The KIBOR (Karachi Interbank Offered Rate) can be higher than the discount rate due to various factors, including liquidity conditions in the banking system and the risk perceptions among banks. If banks perceive higher risks or face liquidity shortages, they may demand higher rates for interbank loans, leading to a KIBOR that exceeds the central bank's discount rate. Additionally, market expectations regarding inflation and economic stability can also influence these rates.