Please refer to DMMD Circular No. 10 dated June 26, 2023. Following changes are announced with reference to this circular:

1. SBP has decided to decrease ‘Policy Rate’ (Target Rate) from 22.00% to 20.50%.
2. SBP Overnight Reverse Repo (Ceiling) rate will be at 21.50% i.e. 100 bps above the SBP Policy Rate.
3. The SBP Overnight Repo (Floor) rate will be at 19.50% i.e. 100 bps below the SBP Policy Rate.
4. Accordingly, the Floor and Ceiling levels for the Interest Rate Corridor are 19.50% and 21.50% 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 Jun 11, 2024. Other instructions on the subject shall, however, remain unchanged.