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
    12.25% p.a.
     
    SBP Overnight
    Reverse
    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.
     
    KIBOR
    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
    03-July-19

    PIB Auction
    26-June-19
    As on 14-Jun-19
    SBP’s Reserves
    7,604.5
    Bank’s Reserves
    7,034.6
    Total Reserves
    14,639.1

  •  
    USD/PKR Rates
    As on 26-Jun-19
     
    M2M
    Revaluation Rate
    162.1674
     
    Weighted
    Average Rate
    Bid: 161.0566
    Offer: 161.4311
       
     
       
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