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At the time of independence of Pakistan in 1947 the Reserve Bank of India was functioning as Central Bank of the undivided India. As it was not possible to set up a separate Central Bank in Pakistan immediately after partition, it was agreed under “Monetary System and Reserve Bank Order 1947” that the Reserve Bank of India should continue to function as a Central Banking Authority for Pakistan until 30th September 1948. However, subsequently arrangements were made to relieve the Reserve Bank of India from its duties as Central Bank for Pakistan as from the 30th June 1948. Accordingly, the State Bank of Pakistan came into existence with effect from the 1st July 1948.

As per the partition arrangement, India notes in circulation in Pakistan were to be replaced by Pakistan’s own currency notes. Therefore, Pakistan inscribed notes containing inscription ‘Government of Pakistan’ in Urdu and English were started issuing from 1st April 1948. The inscribed notes were in the denominations of Re.1, Rs.2, Rs.5, Rs.10 and Rs.100 which were demonetized from 15th January 1952.

The Government of Pakistan issued its first notes from 1st October 1948 in the denominations of Rs.5, Rs.10 and Rs.100 printed in Intaglio process by Ms. Thomas De La Rue & Co. London.

The first note of the State Bank of Pakistan of Rs.2 along with Government of Pakistan Re.1 note was got printed in Litho process from Ms. Bradbury Wilkinson & Co. London which were issued from 1st March 1949. Subsequently, banknotes printed by Ms. Thomas De La Rue & Co. in the denominations of Rs.5 and Rs.10 were put into circulation from 1st September 1951 and Rs.100 form 15th September 1953. These notes remained in circulation until their replacement started by printing M/s. Pakistan Security Printing Corporation in 1953-54.

The portrait of Quaid-e-Azam was initially introduced on Rs.100 denomination note from the 24th December 1957. The bank/currency notes put into circulation after 1957 to date are listed below with the date of their first issue:

Bank Note
First Issue
 50 Rupees  12 June 1964
 1 Rupee  14 July 1964
 500 Rupees  28 October 1964
 5 Rupees  19 September 1966
 10 Rupees  16 November 1970
 50 Rupees  1 March 1972
 100 Rupees  1 March 1972
 5 Rupees  5 June 1972
 10 Rupees  5 June 1972
 1 Rupee  20 December 1972
 1 Rupee  16 May 1974 
 1 Rupee  15 April 1975
 5 Rupees  12 July 1976
 10 Rupees  12 July 1976
 100 Rupees  12 July 1976
 50 Rupees  29 December 1977
 1 Rupee  24 March 1981
 2 Rupees  24 August 1985
 500 Rupees  1 April 1986
 1000 Rupees  18 July 1988
 5 Rupees (Commemorative)  13 August 1997
 20 Rupees  13 August 2005
 10 Rupees  27 May 2006
 5000 Rupees  27 May 2006


    SBP Policy Rate
    8.75% p.a.
    SBP Overnight
    Repo (Ceiling) Rate
    9.75% p.a.
    SBP Overnight
    Repo (Floor) Rate
    7.75% p.a.
    Overnight Weighted Average Repo Rate
    As on 29-Nov-21

    9.03% p.a.
    As on 30-Nov-21
    Tenor BID OFFER
    3-M 9.70 9.95
    6-M 10.04


    12-M 10.67 11.17

  • MTBs
    Tenor Rates
    3-M 8.5003%
    6-M Bids Rejected
    12-M Bids Rejected
    (as on Nov 17, 2021)

    PIBs (Fixed Rate)

    Tenor Rates
    3-Y 11.3400%
    5-Y 11.5900%
    10-Y 11.7900%
    15-Y Bids Rejected
    20-Y No Bids Received
    30-Y No Bids Received
    (as on Nov 29, 2021)

    PIBs (Floating Rate Quarterly)

    Tenor Cut-off Price
    2-Y Rs. 99.3322
    3-Y Bids Rejected
    (as on Nov 17, 2021)
    PIBs (Floating Rate Semi Annual)
    Tenor Cut of Price
    5-Y Bids Rejected
    10-Y Bids Rejected
    (as on Nov 17, 2021)
    GIS (FRR)
    Tenor Cut-off Rental Rate
    5-Y Bids Rejected
    (as on 11-Nov- 2021)
    GIS (VRR)
    Tenor Cut-off Price
    5-Y Rs. 100.0301
    (as on Nov 11, 2021)

  • PIB Auction
    (Fixed Rate)


    MTB Auction


    PIB Auction
    (Floating Rate)

    (Floating Rate)

    As on 19-Nov-21
    SBP’s Reserves
    Bank’s Reserves
    Total Reserves

    USD/PKR Rates
    As on 30-Nov-21
    Revaluation Rate
    Average Rate
    Bid: 175.9364


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