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| Monetary Policy Communication in Pakistan |
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| Monetary Policy Decisions and Statements |
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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.
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| SBP Policy Rate |
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22.00% p.a. |
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SBP Overnight
Reverse
Repo (Ceiling) Rate |
| 23.00% p.a |
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SBP Overnight
Repo (Floor) Rate |
| 21.00%
p.a. |
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| Weighted-average Overnight Repo Rate |
As on 28-Nov-23
22.60% p.a. |
KIBOR
As on 29-Nov-23 |
| Tenor |
BID |
OFFER |
| 3-M |
21.18 |
21.43 |
| 6-M |
21.02 |
21.45 |
| 12-M |
21.09 |
21.59 |
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MTBs |
| Tenor |
Rates |
| 3-M |
21.4997% |
| 6-M |
21.4999% |
| 12-M |
21.5001% |
| (as
on Nov 15, 2023) |
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| Fixed-rate PIB |
| Tenor |
Cut-off Rates |
| 3-Y |
17.3900% |
| 5-Y |
15.9500% |
| 10-Y |
15.1000% |
| 15-Y |
No Bid |
| 20-Y |
No Bid |
| 30-Y |
No Bid |
| (as
on Nov 08, 2023) |
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Floating-rate PIBs (Quarterly Coupon) |
| Tenor |
Cut-off Price |
| 2-Y |
99.0041 |
| 3-Y |
98.0138 |
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Floating-rate PIBs
(Half-yearly Coupon) |
| Tenor |
Cut-off Price |
| 5-Y |
96.9149 |
| 10-Y |
94.3547 |
| (as
on Nov 15, 2023) |
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| GIS FRR |
| Tenor |
Cut-off Rental Rate/Price |
| 1-Y |
22.4900 |
| 3-Y |
98.9556 |
| 5-Y |
100.0338 |
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| GIS VRR |
| Tenor |
Cut-off Margin/Price |
| 1-Y |
-36 bps |
| 3-Y |
101.0415 |
| 5-Y |
100.3000 |
| (as
on 05-Oct-2023) |
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PIB
Auction
(Fixed Rate)
20-Dec-23 |
MTB
29-Nov-23
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Floating Rate PIB
(Semi-Annual Coupon)
29-Nov-23 |
Floating-rate PIB
(Quarterly Coupon)
29-Nov-23 |
GIS VRR
30-Nov-23 |
GIS FRR
30-Nov-23 |
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| As
on 17-Nov-23 |
SBP’s Reserves |
7,180.0 |
Bank’s Reserves |
5,122.3 |
Total Reserves |
12,302.3 |
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| As on 29-Nov-23 |
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M2M
Revaluation Rate |
| 285.3857 |
Weighted
Average Rate |
| Bid: |
285.2242 |
| Offer: |
285.6639 |
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