Please refer to DMMD Circular No.1 dated 15th August 2009 and Circular No. 22 dated 13th November 2013. Following changes are announced with reference to these circulars:

1. The SBP Overnight Reverse Repo (Ceiling) rate has been decreased from 10.00% to 9.50% p.a.

2. The SBP Overnight Repo facility will be available at 7.00% p.a. This will serve as the ‘Floor’ for the Interest Rate corridor as announced by the above referenced circular.

3. Hence, the Floor and Ceiling levels for the Interest Rate Corridor are 7.00% and 9.50% p.a. respectively. (i.e. width of 250bps).

4. Above changes are effective from 17th November 2014.

5. In case an eligible institution accesses either of the above facilities more than 7 times during a given quarter, a spread of plus/minus 50bps will be applied over & above the applicable SBP Overnight Reverse Repo & Repo Rates respectively for the remainder of the same quarter.

6. Other instructions on the subject shall, however, remain unchanged.