Monetary Policy

 





Monetary Policy Decision-Making Body
Monetary Policy Decision-Making Process






  Monetary Policy Decision-Making in Pakistan  
   Monetary Policy Decision-Making Body


Monetary Policy Committee is responsible and fully empowered to decide the monetary policy stance. Section 9E of the SBP Act 1956 lays out the powers and functions of the Monetary Policy Committee that have been mainly identified as to:

(a)  formulate, support and recommend the monetary policy, including, as appropriate, decisions relating to intermediate monetary objectives, key interest rates and the supply of reserves in Pakistan and may make regulations for their implementation;

(b) approve and issue the monetary policy statement and other monetary policy measures.

Members of Monetary Policy Committee


  •  
    SBP Policy Rate
    9.75% p.a.
     
    SBP Overnight
    Reverse
    Repo (Ceiling) Rate
    10.75% p.a.
     
    SBP Overnight
    Repo (Floor) Rate
    8.75% p.a.
  •  
    Overnight Weighted Average Repo Rate
    As on 13-Jan-22

    10.36% p.a.
     
    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
         
     

  • MTBs
    Tenor Rates
    3-M 10.4498%
    6-M 11.3699%
    12-M 11.4900%
    (as on Jan 12, 2022)

    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)

    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)
  • PIB Auction
    (Fixed Rate)
    27-Jan-22


    MTB Auction

    26-Jan-22

    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
    As on 07-Jan-22
    SBP’s Reserves
    17,597.9
    Bank’s Reserves
    6,303.5
    Total Reserves
    23,901.4

  •  
    USD/PKR Rates
    As on 14-Jan-22
     
    M2M
    Revaluation Rate
    176.0675
     
    Weighted
    Average Rate
    Bid: 175.8885
    Offer:

    176.3113

       
     
       
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