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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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7.25% p.a. |
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SBP Overnight
Reverse
Repo (Ceiling) Rate |
| 8.25%
p.a. |
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SBP Overnight
Repo (Floor) Rate |
| 6.25%
p.a. |
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 |
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| Overnight
Weighted Average Repo Rate |
As on 14-Oct-21
7.60% p.a. |
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KIBOR
As on 15-Oct-21 |
| Tenor |
BID |
OFFER |
| 3-M |
7.71 |
7.96 |
| 6-M
|
8.10 |
8.35 |
| 12-M
|
8.60 |
9.10 |
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MTBs |
| Tenor |
Rates |
| 3-M |
7.8499% |
| 6-M |
8.1901% |
| 12-M |
Bids Rejected |
| (as
on Oct 06, 2021) |
|
PIBs (Fixed Rate) |
| Tenor |
Rates |
| 3-Y |
8.8800% |
| 5-Y |
9.1800% |
| 10-Y |
9.8300% |
| 15-Y |
10.4000% |
| 20-Y |
No Bids Received |
| 30-Y |
No Bids Received |
| (as
on Sep 15, 2021) |
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PIBs (Floating Rate Quarterly) |
| Tenor |
Cut-off Price |
| 2-Y |
Rs. 99.3014% |
| 3-Y |
Rs. 98.7057% |
| (as
on Oct 06, 2021) |
| PIBs (Floating Rate Semi Annual) |
| Tenor |
Cut of Price |
| 5-Y |
Bids Rejected |
| (as
on Oct 06, 2021) |
| GIS (FRR) |
| Tenor |
Cut-off Rental Rate |
| 5-Y |
9.70% |
| (as
on Sep 30, 2021) |
| GIS (VRR) |
| Tenor |
Cut-off Price |
| 5-Y |
-10Bps |
| (as
on Sep 30, 2021) |
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 |
PIB
Auction
(Fixed Rate)
02-Oct-21 |
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MTB Auction
20-Oct-21
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PIB Auction
(Floating Rate)
Semi-Annual
20-Oct-21 |
PIB
(Floating Rate)
Quarterly
20-Oct-21 |
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| As
on 08-Oct-21 |
SBP’s Reserves |
19,138.4 |
Bank’s Reserves |
6,831.0 |
Total Reserves |
25,969.4 |
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| USD/PKR
Rates |
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As on 15-Oct-21 |
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M2M
Revaluation Rate |
| 171.1811 |
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Weighted
Average Rate |
| Bid: |
170.9998 |
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Offer: |
171.3631 |
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