Financial Markets











 Financial Markets – Introduction and Basic concepts

Markets for trading financial instruments including money, bonds, stocks, and derivative are referred to as Financial Markets. Developed financial markets can play a key role of intermediating between the lenders (savers) and the borrowers (investors), reduce information asymmetries and allow central banks to implement and achieve objectives of monetary and exchange rate policies….

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 The role of SBP in Financial Markets

It is mainly through money and foreign exchange market that SBP implements its monetary policy stance. To implement its monetary policy, SBP operationally focuses on controlling short-term interbank interest rate – overnight money market repo rate – through the use of various monetary policy tools (OMOs, Interest Rate Corridor, Reserve Requirements, FX Swaps, etc.) in both money and foreign exchange markets…

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 Auctions of Government Securities

SBP serves as an agent of Government of Pakistan for managing domestic public debt. SBP is responsible for conducting auctions of marketable government securities (MTBs, PIBs and GIS) and managing certain public debt data. SBP also regulates Primary Dealers of government securities.


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 Exchange Rate Regime and FX Reserve Management

Since May 1999, Pakistan has been following a market-based flexible exchange rate system. Inter-bank rate applies to all foreign exchange receipts and payments both in the public and private sectors. Exchange rate is determined by the demand and supply conditions in the domestic interbank foreign exchange market…


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 Domestic Derivatives Market

State Bank has allowed limited number of derivative products (swaps and options) to the derivative market participants with certain reporting and disclosure obligations and the market is used only for hedging purpose…


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 Financial Market Data

State Bank of Pakistan collects and disseminates large volumes of data related to financial markets for the information of various stakeholders. These data are available at the following link…


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 Policies and Guidelines for Financial Market players

SBP issues policies, regulations and guidelines to facilitate smooth functioning of financial and ensure that the markets play their role effectively and efficiently in a prudent manner…


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  •  
    SBP Policy Rate
    7.00% p.a.
     
    SBP Overnight
    Reverse
    Repo (Ceiling) Rate
    8.00% p.a.
     
    SBP Overnight
    Repo (Floor) Rate
    6.00% p.a.
  •  
    Overnight Weighted Average Repo Rate
    As on 14-June-21

    7.49% p.a.
     
    KIBOR
    As on 15-June-21
    Tenor BID OFFER
    3-M 7.25 7.50
    6-M 7.45

    7.70

    12-M 7.59 8.09
         
     

  • MTBs
    Tenor Rates
    3-M 7.3492%
    6-M 7.5943%
    12-M 7.6700%
    (as on Jun 02, 2021)

    PIBs (Fixed Rate)

    Tenor Rates
    3-Y 8.6900%
    5-Y 9.2000%
    10-Y 9.8390%
    15-Y No Bids Received
    20-Y No Bids Received
    30-Y No Bids Received
    (as on Jun 09, 2021)

    PIBs (Floating Rate Quarterly)

    Tenor Cut-off Price
    2-Y Bids Rejected
    3-Y 99.1332%
    (as on Jun 02, 2021)
    PIBs (Floating Rate Semi Annual)
    Tenor Cut of Price
    5-Y 98.1932%
    (as on Jun 02, 2021)
    GIS (FRR)
    Tenor Cut-off Rental Rate
    5-Y 9.45%
    (as on Jan 14, 2021)
    GIS (VRR)
    Tenor Cut-off Price
    5-Y 100-0600
    (as on Jan 14, 2021)

  • PIB Auction
    (Fixed Rate)
    07-July-21

     


    MTB Auction

    16-June-21

    PIB Auction
    (Floating Rate)
    Semi-Annual

    16-June-21
    PIB
    (Floating Rate)
    Quarterly

    16-June-21
    As on 04-Jun-21
    SBP’s Reserves
    16,414.9
    Bank’s Reserves
    7,163.0
    Total Reserves
    23,577.9
     

  •  
    USD/PKR Rates
    As on 15-June-21
     
    M2M
    Revaluation Rate
    156.7853
     
    Weighted
    Average Rate
    Bid: 156.4880
    Offer:

    156.8513

       
     

       
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