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
    5.75% p.a.
     
    SBP Overnight
    Reverse
    Repo (Ceiling) Rate
    6.25% p.a.
     
    SBP Overnight
    Repo (Floor) Rate
    4.25% p.a.
  •  
    Overnight Weighted Average Repo Rate
    As on 23-Jan-17
    5.85 % p.a.
     
    KIBOR
    As on 23-Jan-17
    Tenor BID OFFER
    3-M 5.83 6.08
    6-M 5.86 6.11
    12-M 5.89 6.39

  •  
    MTBs
    Tenor Rates
    3-M 5.9017%
    6-M 5.9258%
    12-M 5.9598%
    PIBs
    Tenor Rates
    3-Y Bids Rejected
    5-Y Bids Rejected
    10-Y Bids Rejected
    20-Y Bid not received


    GIS

    Cut-off Margin over Benchmark*:  
    -50 bps

    * Latest 6-M W.A MTB Rate


  • MTB Auction

    01-Feb-17

     
    PIB Auction

    25-Jan-17

     
    As on 13-Jan-17
    SBP’s Reserves
    18,361.0
    Bank’s Reserves
    4,830.5
    Total Reserves
    23,191.5

  •  
    USD/PKR Rates
    As on 24-Jan-17
     
    M2M
    Revaluation Rate
    104.8537
     
    Weighted
    Average Rate
    Bid: 104.7779
    Offer: 104.9634
       
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