Monetary Policy

 







Monetary Policy Decisions and Statements
Workshops, and Seminars on Monetary Policy




  Monetary Policy Communication in Pakistan  
   Monetary Policy Decisions and Statements

A brief statement, Monetary Policy Decisions, is issued eight times a year. The statement contains a brief analysis of economic conditions and rationale behind the monetary policy decision. For details see Monetary Policy Statements.

SBP communicates its monetary policy stance primarily through its websites and press release. Governor SBP makes a press conference usually at the beginning and middle of fiscal years (July and January) to present the monetary policy stance to media in addition to uploading the decision on website and press release. In a bid to improve the communication of monetary policy and transparency, SBP has started publishing minutes of the Monetary Policy Committee on its website. After the monetary policy announcement, higher management of SBP makes presentations at various forums and gives interviews to print and electronic media to further clarify its monetary policy stance.





  •  
    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 25-May-23

    21.27% p.a.
    KIBOR
    As on 26-May-23
    Tenor BID OFFER
    3-M 21.84 22.09
    6-M 21.87

    22.12

    12-M 21.88 22.38
     

  • MTBs
    Tenor Rates
    3-M 21.9999%
    6-M 21.9157%
    12-M 21.9997%
    (as on May 17, 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 Rs.98.4698
    3-Y Rs.97.0476

    Floating-rate PIBs
    (Half-yearly Coupon)

    Tenor Cut-off Price
    5-Y Rs.94.4413
    10-Y No Bid
    (as on May 17, 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
    31-May-23

    Floating Rate PIB
    (Semi-Annual Coupon)

    31-May-23
    Floating-rate PIB
    (Quarterly Coupon)

    31-May-23
    GIS VRR

    1-Jun-23
    GIS FRR

    1-Jun-23
    As on 19-May-23
    SBP’s Reserves
    4,193.0
    Bank’s Reserves
    5,538.1
    Total Reserves
    9,731.1

  •  
    As on 26-May-23
     
    M2M
    Revaluation Rate
    285.1534
    Weighted
    Average Rate
    Bid: 284.7657
    Offer:

    285.1818

       
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