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| Monetary Policy Communication in Pakistan |
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| Monetary Policy Decisions and Statements |
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Monetary Policy Decisions are issued every alternate month in, July, September, November, January, March and May. They contain 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.
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| SBP Policy Rate |
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9.75% p.a. |
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SBP Overnight
Reverse
Repo (Ceiling) Rate |
| 10.75%
p.a. |
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SBP Overnight
Repo (Floor) Rate |
| 8.75%
p.a. |
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| Overnight
Weighted Average Repo Rate |
As on 13-Jan-22
10.36% p.a. |
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KIBOR
As on 14-Jan-22 |
| Tenor |
BID |
OFFER |
| 3-M |
10.23 |
10.48 |
| 6-M
|
11.21 |
11.46 |
| 12-M
|
11.28 |
11.78 |
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MTBs |
| Tenor |
Rates |
| 3-M |
10.4498% |
| 6-M |
11.3699% |
| 12-M |
11.4900% |
| (as
on Jan 12, 2022) |
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PIBs (Fixed Rate) |
| Tenor |
Rates |
| 3-Y |
11.5000% |
| 5-Y |
11.5740% |
| 10-Y |
11.5143% |
| 15-Y |
No Bids Received |
| 20-Y |
Bids Rejected |
| 30-Y |
No Bids Received |
| (as
on Dec 22, 2021) |
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PIBs (Floating Rate Quarterly) |
| Tenor |
Cut-off Price |
| 2-Y |
Bids Rejected |
| 3-Y |
Rs. 98.3665 |
| (as
on Jan 12, 2021) |
| PIBs (Floating Rate Semi Annual) |
| Tenor |
Cut of Price |
| 5-Y |
Bids Rejected |
| 10-Y |
Bids Rejected |
| (as
on Dec 29, 2021) |
| GIS (FRR) |
| Tenor |
Cut-off Rental Rate |
| 5-Y |
11.15% |
| (as
on 06-Jan- 2022) |
| GIS (VRR) |
| Tenor |
Cut-off Price |
| 5-Y |
Rs. 100.5000 |
| (as
on 06-Jan- 2022) |
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PIB
Auction
(Fixed Rate)
27-Jan-22 |
MTB Auction
26-Jan-22
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PIB Auction
(Floating Rate)
Semi-Annual
26-Jan-22 |
PIB Auction
(Floating Rate)
Quarterly
26-Jan-22 |
GIS VRR
10-Feb-22 |
GIS FRR
10-Feb-22 |
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| As
on 07-Jan-22 |
SBP’s Reserves |
17,597.9 |
Bank’s Reserves |
6,303.5 |
Total Reserves |
23,901.4 |
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| USD/PKR
Rates |
| As on 14-Jan-22 |
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M2M
Revaluation Rate |
| 176.0675 |
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Weighted
Average Rate |
| Bid: |
175.8885 |
| Offer: |
176.3113 |
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