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| 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'.
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| 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) |
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| 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.
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 |
| |
| SBP Policy Rate |
| 17.50% p.a. |
| |
SBP Overnight
Reverse
Repo (Ceiling) Rate |
| 18.50% p.a |
| |
SBP Overnight
Repo (Floor) Rate |
| 16.50%
p.a. |
|
-
 |
| |
| Weighted-average Overnight Repo Rate |
As on 14-Oct-24
18.17% p.a. |
KIBOR
As on 15-Oct-24 |
| Tenor |
BID |
OFFER |
| 3-M |
15.7 |
15.95 |
| 6-M |
14.41 |
14.66 |
| 12-M |
13.58 |
14.8 |
|
| |
|
-
 |
MTBs |
| Tenor |
Rates |
| 3-M |
Bids Rejected |
| 6-M |
14.3980% |
| 12-M |
13.7350% |
| (as
on Oct 02, 2024) |
|
| Fixed-rate PIB |
| Tenor |
Cut-off Rates |
| 2-Y |
13.9800% |
| 3-Y |
12.8995% |
| 5-Y |
13.4000% |
| 10-Y |
13.2000% |
| (as
on Sep 19, 2024) |
|
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 |
| 2-Y |
99.6667 |
| 5-Y |
96.8269 |
| 10-Y |
93.5176 |
| (as
on Oct 02, 2024) |
|
| GIS FRR |
| Tenor |
Cut-off Rental Rate/Price |
| 3-Y |
100.2842 |
| 5-Y |
100.0022 |
|
| GIS VRR |
| Tenor |
Cut-off Margin/Price |
| 3-Y |
99.0800 |
| 5-Y |
98.7600 |
| (as
on 21-Dec-2023) |
|
|
-
 |
PIB
Auction
(Fixed Rate)
09-Oct-24 |
MTB
16-Oct-24
|
Floating Rate PIB
(Semi-Annual Coupon)
16-Oct-24 |
Floating-rate
PIB
(Quarterly Coupon)
04-Sep-24 |
|
 |
 |
| As
on 04-Oct-24 |
SBP’s
Reserves |
10,808.0 |
Bank’s
Reserves |
5,239.0 |
Total Reserves |
16,047.0 |
|
|
-
 |
| |
|
As on 15-Oct-24 |
| |
M2M
Revaluation Rate |
| 277.7423 |
Weighted
Average Rate |
| Bid: |
277.5402 |
| Offer: |
277.9721 |
|
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|