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.

(Read for more detail)

 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 State Bank to achieve domestic price stability by way of regulating the monetary and credit system of Pakistan and, without prejudice to said primary objective, contribute to the stability of the financial system of Pakistan and supporting the general economic policies of the Federal Government to foster development and fuller utilization of the country's productive resources'.

(Read for more detail)

 Monetary Policy Decision Making in Pakistan

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


(Read for more detail)

 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.

(Read for more detail)

 Monetary Policy Communication in Pakistan

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


(Read for more detail)

 Advance Calender of Monetary Policy Committee Meetings

To make the process of monetary policy formulation predictable and transparent, the State Bank of Pakistan (SBP) announces a half-yearly schedule of Monetary Policy Committee (MPC) meetings on a rolling basis.


(Read for more detail)

  •  
    SBP Policy Rate
    21.00% p.a.
     
    SBP Overnight
    Reverse
    Repo (Ceiling) Rate
    22.00% p.a
     
    SBP Overnight
    Repo (Floor) Rate
    20.00% p.a.
  •  
    Weighted-average Overnight Repo Rate
    As on 05-Jun-23

    20.11% p.a.
    KIBOR
    As on 06-Jun-23
    Tenor BID OFFER
    3-M 21.77 22.02
    6-M 21.82

    22.07

    12-M 21.86 22.36
     

  • MTBs
    Tenor Rates
    3-M 21.9999%
    6-M 21.9429%
    12-M 21.9997%
    (as on May 31, 2023)
    Fixed-rate PIB
    Tenor Cut-off Rates
    3-Y 19.3895%
    5-Y Bids Rejected
    10-Y Bids Rejected
    15-Y No Bid
    20-Y No Bid
    30-Y No Bid
    (as on May 10, 2023)

    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 No Bid
    10-Y No Bid
    (as on May 31, 2023)
    GIS FRR
    Tenor Cut-off Rental Rate
    1-Y 21.3000%
    3-Y Bids Rejected
    5-Y No Bid
    GIS VRR
    Tenor Cut-off Prices
    1-Y 100.0000
    3-Y 98.1250
    5-Y Bids Rejected
    (as on 18-May-2023)
  • PIB Auction
    (Fixed Rate)
    7-Jun-23


    MTB
    14-Jun-23

    Floating Rate PIB
    (Semi-Annual Coupon)

    14-Jun-23
    Floating-rate PIB
    (Quarterly Coupon)

    14-Jun-23
    As on 26-May-23
    SBP’s Reserves
    4,090.7
    Bank’s Reserves
    5,422.3
    Total Reserves
    9,531.0

  •  
    As on 06-Jun-23
     
    M2M
    Revaluation Rate
    286.5625
    Weighted
    Average Rate
    Bid: 286.4701
    Offer:

    286.8862

       
Home
About SBP
Publications
Economic Data
Press Releases
Circulars/Notifications
Laws & Regulations
Monetary Policy
Help Desk
SBP Videos
SBP Welfare Trust
Contact us
What's New?
Speeches
Online Tenders
Web Links

Educational Resources
Regulatory Returns
Library
Rupey ko Pehchano
Events
Zahid Husain Memorial Lecture
Careers/index
Sitemap
 
Best view Screen Resolution : 1024 * 768
Copyright © 2020. All Rights Reserved.