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
    20.50% p.a.
     
    SBP Overnight
    Reverse
    Repo (Ceiling) Rate
    21.50% p.a
     
    SBP Overnight
    Repo (Floor) Rate
    19.50% p.a.
  •  
    Weighted-average Overnight Repo Rate
    As on 13-Jun-24
    21.21% p.a.
    KIBOR
    As on 14-Jun-24
    Tenor BID OFFER
    3-M 19.94 20.19
    6-M 19.86

    20.11

    12-M 19.02 19.52
     

  • MTBs
    Tenor Rates
    3-M 20.1498%
    6-M 19.9693%
    12-M 18.9489%
    (as on Jun 12, 2024)
    Fixed-rate PIB
    Tenor Cut-off Rates
    3-Y 16.6450%
    5-Y 15.4500%
    10-Y 14.2999%
    15-Y No Bid
    20-Y No Bid
    30-Y No Bid
    (as on May 22, 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
    5-Y 96.5875
    10-Y 94.4585
    (as on Jun 12, 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)
    25-June-24


    MTB
    26-June-24

    Floating Rate PIB
    (Semi-Annual Coupon)


    26-June-24
    Floating-rate PIB
    (Quarterly Coupon)

    26-June-24
    As on 07-Jun-24
    SBP’s Reserves
    9,103.3
    Bank’s Reserves
    5,280.5
    Total Reserves
    14,383.8

  •  
    As on 14-Jun-24
     
    M2M
    Revaluation Rate
    278.5097
    Weighted
    Average Rate
    Bid: 278.3614
    Offer:

    278.8012


       
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