  |
| 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….
(Read for more detail) |
| 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…
(Read for more detail) |
| 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.
(Read for more detail) |
| 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…
(Read for more detail) |
| 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…
(Read for more detail) |
| 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…
(Read for more detail) |
| 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…
(Read for more detail) |
|
-
 |
| |
| SBP Policy Rate |
| 15.00% p.a. |
| |
SBP Overnight
Reverse
Repo (Ceiling) Rate |
| 16.00% p.a |
| |
SBP Overnight
Repo (Floor) Rate |
| 14.00%
p.a. |
|
-
 |
| |
| Weighted-average Overnight Repo Rate |
As on 11-Dec-24
15.13% p.a. |
KIBOR
As on 12-Dec-24 |
| Tenor |
BID |
OFFER |
| 3-M |
12.01 |
12.26 |
| 6-M |
11.97 |
12.22 |
| 12-M |
11.91 |
12.41 |
|
| |
|
-
 |
MTBs |
| Tenor |
Rates |
| 3-M |
12.9974% |
| 6-M |
12.8948% |
| 12-M |
12.3500% |
| (as
on Nov 27, 2024) |
|
| Fixed-rate PIB |
| Tenor |
Cut-off Rates |
| 2-Y |
13.0500% |
| 3-Y |
12.5000% |
| 5-Y |
12.7000% |
| 10-Y |
12.8380% |
| (as
on Nov 20, 2024) |
|
Floating-Rate PIBs (Quarterly Coupon) |
| Tenor |
Cut-off Price |
| 2-Y |
Bids Rejected |
| 3-Y |
Bids Rejected |
|
|
Floating-Rate PIBs
(Half-yearly Coupon) |
| Tenor |
Cut-off Price |
| 2-Y |
Bids Rejected |
| 5-Y |
96.6877 |
| 10-Y |
92.5462 |
| (as
on Nov 27, 2024) |
|
| GIS FRR |
| Tenor |
Cut-off Rental Rate/Price |
| 3-Y |
100.2842 |
| 5-Y |
100.0022 |
|
| GIS VRR |
| Tenor |
Cut-off Margin/Price |
| 3-Y |
99.0800 |
| 5-Y |
98.7600 |
| (as
on 21-Dec-2023) |
|
|
-
 |
PIB
Auction
(Fixed Rate)
09-Oct-24 |
MTB
11-Dec-24
|
Floating Rate PIB
(Semi-Annual Coupon)
11-Dec-24 |
Floating-rate
PIB
(Quarterly Coupon)
11-Dec-24 |
|
 |
 |
| As
on 06-Dec-24 |
SBP’s
Reserves |
12,050.8 |
Bank’s
Reserves |
4,550.1 |
Total Reserves |
16,600.9 |
|
|
-
 |
| |
|
As on 12-Dec-24 |
| |
M2M
Revaluation Rate |
| 278.2305 |
Weighted
Average Rate |
| Bid: |
277.9617 |
| Offer: |
278.3936 |
|
|
-
|