Monetary Policy

 





Monetary Policy Objectives
Monetary Policy and Exchange Rate Regime
Monetary Policy Instruments






 


  Monetary Policy Framework  
   Monetary Policy Objectives

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.

SBP focuses on achieving monetary stability by controlling inflation close to its annual and medium-term targets set by the government. At the same time, SBP also aims to ensure financial stability, particularly the smooth functioning of the financial market and the payments system. Consensus in literature as well as country experiences suggests that price and financial stability facilitate the achievement of sustained economic growth in the long-run.


  •  
    SBP Policy Rate
    13.25% p.a.
     
    SBP Overnight
    Reverse
    Repo (Ceiling) Rate
    13.75% p.a.
     
    SBP Overnight
    Repo (Floor) Rate
    11.75% p.a.
  •  
    Overnight Weighted Average Repo Rate
    As on 15-Oct-19
    13.22% p.a.
     
    KIBOR
    As on 16-Oct-19
    Tenor BID OFFER
    3-M 13.27 13.52
    6-M 13.34 13.59
    12-M 13.00 13.50
         
     

  • MTBs
    Tenor Rates
    3-M 13.6898%
    6-M 13.5549%
    12-M 13.4699%
    (as on Oct 09, 2019)

    PIBs (Fixed Rate)

    Tenor Rates
    3-Y 12.9500%
    5-Y 12.5000%
    10-Y 12.2483
    20-Y Bids rejected
    (as on Sep 18, 2019)

    PIBs (Floating Rate)

    Tenor Cut-off Margin*
    10-Y +75 bps
    *Over benchmark rate.

    rate of latest 6-M W.A

    MTB Rate
    (as on 18-Sep-2018)

  • MTB Auction
    23-October-19

    PIB Auction
    30-October-19
    As on 04-Oct-19
    SBP’s Reserves
    7,757.6
    Bank’s Reserves
    7,235.3
    Total Reserves
    14,992.9

  •  
    USD/PKR Rates
    As on 16-Oct-19
     
    M2M
    Revaluation Rate
    156.0148
     
    Weighted
    Average Rate
    Bid: 155.8759
    Offer: 156.2504
       
     
       
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