Circulars/Notifications - Domestic Market & Monetary Management Department  
 DMMD Circular No. 06 of 2023 Apr 04, 2023

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. 04 dated Mar 02, 2023. Following changes are announced with reference to this circular:

  1. SBP has decided to increase ‘Policy Rate’ (Target Rate) from 20.00% to 21.00%.

  2. SBP Overnight Reverse Repo (Ceiling) rate will be at 22.00% i.e. 100 bps above the SBP Policy Rate.

  3. The SBP Overnight Repo (Floor) rate will be at 20.00% i.e. 100 bps below the SBP Policy Rate.

  4. Accordingly, the Floor and Ceiling levels for the Interest Rate Corridor are 20.00% and 22.00% 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 Apr 05, 2023. Other instructions on the subject shall, however, remain unchanged.

 

  

Yours Sincerely,


Dr. Mahmood ul Hasan Khan
Director


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