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
    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 30-Sep-22

    15.83% p.a.
     
    KIBOR
    As on 03-Oct-22
    Tenor BID OFFER
    3-M 15.46 15.71
    6-M 15.64

    15.89

    12-M 15.70 16.20
     

  • MTBs
    Tenor Rates
    3-M 15.9999%
    6-M 15.9998%
    12-M 15.9900%
    (as on Sep 21, 2022)

    PIBs (Fixed Rate)

    Tenor Rates
    3-Y 13.9200%
    5-Y 13.3900%
    10-Y 12.9500%
    15-Y No Bid Received
    20-Y No Bid Received
    30-Y No Bid Received
    (as on Sep 14, 2022)

    PIBs (Floating Rate Quarterly)

    Tenor Cut-off Price
    2-Y Rs. 98.9189
    3-Y Rs. 97.4649
    (as on Sep 21, 2022)
    PIBs (Floating Rate Semi Annual)
    Tenor Cut of Price
    5-Y Rs. 95.9807
    10-Y Bids Rejected
    (as on Sep 21, 2022)
    GIS (FRR)
    Tenor Cut-off Rental Rate
    5-Y 12.9002%
    (as on 22-Sep-2022)
    GIS (VRR)
    Tenor Cut-off Price
    5-Y Rs. 99.6705
    (as on 22-Sep-2022)
  • PIB Auction
    (Fixed Rate)
    12-Oct-22


    MTB Auction

    05-Oct-22

    PIB Auction
    (Floating Rate)
    Semi-Annual

    05-Oct-22
    PIB Auction
    (Floating Rate)
    Quarterly

    05-Oct-22
    GIS VRR

    20-Oct-22
    GIS FRR

    20-Oct-22
    As on 23-Sep-22
    SBP’s Reserves
    8,005.9
    Bank’s Reserves
    5,756.0
    Total Reserves
    13,761.9

  •  
    As on 03-oct-22
     
    M2M
    Revaluation Rate
    227.2896
     
    Weighted
    Average Rate
    Bid: 227.3697
    Offer:

    227.7858

       
     

       
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