Monetary Policy

 About Monetary Policy

Monetary policy involves central banks’ use of instruments to influence interest rates and/or money supply in the economy with the objective to keep overall prices and financial markets stable.

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 Monetary Policy Framework in Pakistan

The preamble of the SBP Act, 1956 envisages these objectives as ‘whereas it is necessary to provide for the constitution of a State Bank to regulate the monetary and credit system of Pakistan and to foster its growth in the best national interest with a view to securing monetary stability and fuller utilization of the country’s productive resources.’

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 Monetary Policy Decision Making in Pakistan

Monetary Policy Committee is responsible and fully empowered to decide the monetary policy stance.

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 Monetary Policy Implementation in Pakistan

Implementation of the monetary policy stance, signaled through announcement of the policy rate, entails managing the day-to-day liquidity in the money market by SBP with the objective to keep the short-term interest rates stable and aligned with the policy rate.

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 Monetary Policy Communication in Pakistan

SBP issues Monetary Policy Statement and Decisions six times a year on its website. These documents provide analysis of current economic conditions and sets out the central bank policy rate.

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    SBP Policy Rate
    12.25% p.a.
    SBP Overnight
    Repo (Ceiling) Rate
    12.75% p.a.
    SBP Overnight
    Repo (Floor) Rate
    10.75% p.a.
    Overnight Weighted Average Repo Rate
    As on 25-Jun-19
    12.41% p.a.
    As on 26-Jun-19
    Tenor BID OFFER
    3-M 12.71 12.96
    6-M 12.87 13.12
    12-M 13.11 13.61

  • MTBs
    Tenor Rates
    3-M 12.7491%
    6-M Bids Rejected
    12-M Bids Rejected
    (as on Jun 19, 2019)

    PIBs (Fixed Rate)

    Tenor Rates
    3-Y 13.6999%
    5-Y 13.8000
    10-Y 13.6000
    20-Y No bid received
    (as on May 29, 2019)

    PIBs (Floating Rate)

    Tenor Cut-off Margin
    10-Y +70 bps
    Over benchmark rate of latest 6-M W.A MTB Rate.

    (as on May 29, 2019)

  • MTB Auction

    PIB Auction
    As on 14-Jun-19
    SBP’s Reserves
    Bank’s Reserves
    Total Reserves

    USD/PKR Rates
    As on 26-Jun-19
    Revaluation Rate
    Average Rate
    Bid: 161.0566
    Offer: 161.4311
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