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
    8.00% p.a.
    SBP Overnight
    Repo (Ceiling) Rate
    9.00% p.a.
    SBP Overnight
    Repo (Floor) Rate
    7.00% p.a.
    Overnight Weighted Average Repo Rate
    As on 03-June-20
    8.14% p.a.
    As on 04-June-20
    Tenor BID OFFER
    3-M 7.90 8.15
    6-M 7.72 7.97
    12-M 7.49 7.99

  • MTBs
    Tenor Rates
    3-M 8.1298%
    6-M 7.9757%
    12-M 7.7101%
    (as on June 03, 2020)

    PIBs (Fixed Rate)

    Tenor Rates
    3-Y 8.5315%
    5-Y 8.7085%
    10-Y 8.9725%
    15-Y 10.4540%
    20-Y 10.7000%
    (as on Apr 15, 2020)

    PIBs (Floating Rate)

    Tenor Cut-off Price*
    10-Y 102.5594

    (as on Apr 15, 2020)

    *Over benchmark rate.

    rate of latest 6-M W.A

    MTB Rate
    (as on Oct 30, 2019)

  • MTB Auction

    PIB Auction
    As on 29-May-20
    SBP’s Reserves
    Bank’s Reserves
    Total Reserves

    USD/PKR Rates
    As on 04-June-20
    Revaluation Rate
    Average Rate
    Bid: 163.3125
    Offer: 163.6870
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