DMMD Circular No. 20 of 2022 |
November 25, 2022 |
The Presidents/ Chief Executives,
All Commercial Banks/ Primary Dealers
Dear Sirs/Madams,
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SBP’s Policy Rate and Overnight Repo / Reverse-Repo Facilities
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Please refer to DMMD Circular No. 13 dated July 07, 2022. Following changes are announced with reference to this circular:
- SBP has decided to increase ‘Policy Rate’ (Target Rate) from 15.00% to 16.00%.
- SBP Overnight Reverse Repo (Ceiling) rate will be at 17.00% i.e. 100 bps above the SBP Policy Rate.
- The SBP Overnight Repo (Floor) rate will be at 15.00% i.e. 100 bps below the SBP Policy Rate.
- Accordingly, the Floor and Ceiling levels for the Interest Rate Corridor are 15.00% and 17.00% 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 Nov 28, 2022. Other instructions on the subject shall, however, remain unchanged.
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Yours Sincerely,
Sd/-
(Dr. Mahmood ul Hasan Khan)
Director
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