The Presidents/Chief Executives,
All Commercial Banks/ Primary Dealers


Dear Sirs/Madams,

SBP’s Policy Rate and Overnight Repo / Reverse-Repo Facilities

Please refer to  DMMD Circular No. 09 dated December 15, 2025. Following changes are announced with reference to this circular:

1. SBP has decided to increase ‘Policy Rate’ (Target Rate) from 10.50% to 11.50%.
2. SBP Overnight Reverse Repo (Ceiling) rate will be at 12.50%, i.e. 100 bps above the SBP Policy Rate.
3. The SBP Overnight Repo (Floor) rate will be at 10.50%, i.e. 100 bps below the SBP Policy Rate.
4. Accordingly, the Floor and Ceiling levels for the Interest Rate Corridor are 10.50% and 12.50% p.a., respectively (i.e., width of 200bps).

.SBP will continue to ensure that the money market overnight rate remains close to the SBP Policy Rate (Target Rate).Above changes are effective from April 28th, 2026. Other instructions on the subject shall, however, remain unchanged.