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
    22.00% p.a.
     
    SBP Overnight
    Reverse
    Repo (Ceiling) Rate
    23.00% p.a
     
    SBP Overnight
    Repo (Floor) Rate
    21.00% p.a.
  •  
    Weighted-average Overnight Repo Rate
    As on 28-Mar-24

    22.83% p.a.
    KIBOR
    As on 29-Mar-24
    Tenor BID OFFER
    3-M 21.74 21.99
    6-M 21.46

    21.71

    12-M 20.87 21.37
     

  • MTBs
    Tenor Rates
    3-M 21.6601%
    6-M 20.3944%
    12-M 14.8998%
    (as on Mar 20, 2024)
    Fixed-rate PIB
    Tenor Cut-off Rates
    3-Y 16.7800%
    5-Y 15.4899%
    10-Y 14.5000%
    15-Y No Bid
    20-Y No Bid
    30-Y No Bid
    (as on Mar 13, 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
    5-Y 95.8220
    10-Y 93.5557
    (as on Mar 20, 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)
    16-Apr-24


    MTB
    03-Apr-24

    Floating Rate PIB
    (Semi-Annual Coupon)


    03-Apr-24
    Floating-rate PIB
    (Quarterly Coupon)

    03-Apr-24
    As on 22-Mar-24
    SBP’s Reserves
    8,021.9
    Bank’s Reserves
    5,405.7
    Total Reserves
    13,427.6

  •  
    As on 29-Mar-24
     
    M2M
    Revaluation Rate
    277.9472
    Weighted
    Average Rate
    Bid: 277.7248
    Offer:

    278.1646

       
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