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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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15.00% p.a. |
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SBP Overnight
Reverse
Repo (Ceiling) Rate |
| 16.00% p.a |
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SBP Overnight
Repo (Floor) Rate |
| 14.00%
p.a. |
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| Weighted-average Overnight Repo Rate |
As on 29-Sep-22
14.24% p.a. |
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KIBOR
As on 30-Sep-22 |
| Tenor |
BID |
OFFER |
| 3-M |
15.52 |
15.77 |
| 6-M
|
15.66 |
15.91 |
| 12-M
|
15.71 |
16.21 |
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MTBs |
| Tenor |
Rates |
| 3-M |
15.9999% |
| 6-M |
15.9998% |
| 12-M |
15.9900% |
| (as
on Sep 21, 2022) |
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PIBs (Fixed Rate) |
| Tenor |
Rates |
| 3-Y |
13.9200% |
| 5-Y |
13.3900% |
| 10-Y |
12.9500% |
| 15-Y |
No Bid Received |
| 20-Y |
No Bid Received |
| 30-Y |
No Bid Received |
| (as
on Sep 14, 2022) |
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PIBs (Floating Rate Quarterly) |
| Tenor |
Cut-off Price |
| 2-Y |
Rs. 98.9189 |
| 3-Y |
Rs. 97.4649 |
| (as
on Sep 21, 2022) |
| PIBs (Floating Rate Semi Annual) |
| Tenor |
Cut of Price |
| 5-Y |
Rs. 95.9807 |
| 10-Y |
Bids Rejected |
| (as
on Sep 21, 2022) |
| GIS (FRR) |
| Tenor |
Cut-off Rental Rate |
| 5-Y |
12.9002% |
| (as
on 22-Sep-2022) |
| GIS (VRR) |
| Tenor |
Cut-off Price |
| 5-Y |
Rs. 99.6705 |
| (as
on 22-Sep-2022) |
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PIB
Auction
(Fixed Rate)
12-Oct-22 |
MTB Auction
05-Oct-22
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PIB Auction
(Floating Rate)
Semi-Annual
05-Oct-22 |
PIB Auction
(Floating Rate)
Quarterly
05-Oct-22 |
GIS VRR
20-Oct-22 |
GIS FRR
20-Oct-22 |
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| As
on 23-Sep-22 |
SBP’s Reserves |
8,005.9 |
Bank’s Reserves |
5,756.0 |
Total Reserves |
13,761.9 |
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| As on 30-Sep-22 |
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M2M
Revaluation Rate |
| 228.4520 |
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Weighted
Average Rate |
| Bid: |
227.8385 |
| Offer: |
228.2546 |
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