Economic Policy Review Department (EPRD) evaluates the performance of different sectors of the economy and prevailing economic policies. Economic analysis undertaken in the department is disseminated through SBP's flagship publications, i.e., the Annual and Half-Year Reports on the State of Pakistan's Economy, Governor's Annual Report, as well as through other research publications including Staff Notes and Working Papers.

The annual and half year reports, on 'The State of Pakistan's Economy', are published in accordance with the statutory provisions of the State Bank of Pakistan Act, 1956 (as amended up to January 2022). These reports help shape public understanding of the developments in monetary, external, fiscal, and real sectors of the economy. Furthermore, the special chapters/sections are also part of these reports which contain more focused analysis of the underlying structural challenges faced by the economy. The Governor's Annual Report presents the analysis in terms of the achievement of the Bank's objectives, conduct of monetary policy, state of the economy and the financial system. The department also prepares briefs on various macroeconomic and sectoral policy issues for bank's senior management and provides analytical feedback to bank-wide policy initiatives as well to policy related queries by external stakeholders such as various federal government ministries and multilateral institutions. In addition to these, the department undertakes research projects in line with the SBP's strategic plan that are published as staff notes, policy notes and working papers (on current economic and relevant issues in Pakistan). These carry the ownership of the author, but do not necessarily have the endorsement of the institution.

The department has five Divisions, and a Support Services Unit: (1) Real Sector Division analyzes developments in the real sector, including agriculture, industry, services, savings and investment, and labor markets; (2) External Sector Division assesses balance of payments position including trends in international trade, foreign exchange reserves and exchange rate; (3) Fiscal Sector Division focuses on developments in government's revenue and spending across federal and provincial fronts, and public debt; (4) Monetary Sector Division analyzes trends and issues relating to money, banking, credit allocation, monetary policy environment and inflation; and (5) Thematic Analysis Division undertakes theme-based research on regulatory, policy, institutional and other structural challenges to Pakistan's economy, and typically look at factors behind the macroeconomic indicators and beyond the contemporary scope of annual and half year reports.