Monetary Policy












 About Monetary Policy

Monetary policy involves central banks’ use of instruments to influence interest rates and/or money supply in the economy with the objective to keep overall prices and financial markets stable.

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 Monetary Policy Framework in Pakistan

The preamble of the SBP Act, 1956 envisages these objectives as ‘whereas it is necessary to provide for the constitution of a State Bank to regulate the monetary and credit system of Pakistan and to foster its growth in the best national interest with a view to securing monetary stability and fuller utilization of the country’s productive resources.’

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 Monetary Policy Decision Making in Pakistan

Monetary Policy Committee is responsible and fully empowered to decide the monetary policy stance.


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 Monetary Policy Implementation in Pakistan

Implementation of the monetary policy stance, signaled through announcement of the policy rate, entails managing the day-to-day liquidity in the money market by SBP with the objective to keep the short-term interest rates stable and aligned with the policy rate.

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 Monetary Policy Communication in Pakistan

SBP issues Monetary Policy Statement and Decisions six times a year on its website. These documents provide analysis of current economic conditions and sets out the central bank policy rate.


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  •  
    SBP Policy Rate
    7.00% p.a.
     
    SBP Overnight
    Reverse
    Repo (Ceiling) Rate
    8.00% p.a.
     
    SBP Overnight
    Repo (Floor) Rate
    6.00% p.a.
  •  
    Overnight Weighted Average Repo Rate
    As on 23-Oct-20
    7.15% p.a.
     
    KIBOR
    As on 26-Oct-20
    Tenor BID OFFER
    3-M 7.05 7.30
    6-M 7.10

    7.35

    12-M 7.18 7.68
         
     

  • MTBs
    Tenor Rates
    3-M 7.1750%
    6-M 7.2000%
    12-M Bids Rejected
    (as on October 21, 2020)

    PIBs (Fixed Rate)

    Tenor Rates
    3-Y 8.2400%
    5-Y Bids Rejected
    10-Y Bids Rejected
    15-Y 10.0000%
    20-Y 10.5498%
    (as on Oct 14, 2020)

    PIBs (Floating Rate)

    Tenor Cut-off Price
    3-Y 99.1997
    5-Y 97.9779
    10-Y 95.2412

    (as on October 21, 2020)












  • MTB Auction
    04-Nov-20

     

    PIB (Floating Rate) Auction
    04-Nov-20
    PIB (Fixed Rate) Auction
    11-Nov-20
    As on 16-Oct-20
    SBP’s Reserves
    12,066.6
    Bank’s Reserves
    7,235.0
    Total Reserves
    19,301.6

  •  
    USD/PKR Rates
    As on 26-Oct-20
     
    M2M
    Revaluation Rate
    161.0537
     
    Weighted
    Average Rate
    Bid: 160.9538
    Offer: 161.3171
       
     
       
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