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| Monetary Policy Decision-Making in Pakistan |
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| Monetary Policy Decision-Making Body |
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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 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;
(c) perform any other functions conferred on it by law; and
(d) carry out any ancillary activities incidental to the exercise of its functions under this Act.
Members of Monetary Policy Committee
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| SBP Policy Rate |
| 11.00% p.a. |
| |
SBP Overnight
Reverse
Repo (Ceiling) Rate |
| 12.00% p.a |
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SBP Overnight
Repo (Floor) Rate |
| 10.00%
p.a. |
|
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| Weighted-average Overnight Repo Rate |
As on 22-Jul-25
11.62% p.a. |
KIBOR
As on 23-Jul-25 |
| Tenor |
BID |
OFFER |
| 3-M |
10.8 |
11.05 |
| 6-M |
10.74 |
10.99 |
| 12-M |
10.66 |
11.16 |
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MTBs |
| Tenor |
Cut-off Yield |
| 1-M |
11.2403% |
| 3-M |
10.9977% |
| 6-M |
10.8976% |
| 12-M |
10.8000% |
| (as
on July 09, 2025) |
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| Fixed-rate PIB |
| Tenor |
Cut-off Rates |
| 2-Y |
10.8480% |
| 3-Y |
11.0500% |
| 5-Y |
11.3900% |
| 10-Y |
12.2000% |
| 15-Y |
Bids Rejected |
| (as
on Jul 16, 2025) |
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Floating-Rate PIBs (Quarterly Coupon) |
| Tenor |
Cut-off Price |
| 2-Y |
Bids Rejected |
| 3-Y |
Bids Rejected |
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Floating-Rate PIBs
(Half-yearly Coupon) |
| Tenor |
Cut-off Price |
| 10-Y |
94.5739 |
| (as
on Jul 09, 2025) |
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| GIS FRR |
| Tenor |
Cut-off Rental Rate/Price |
| 3-Y |
100.2842 |
| 5-Y |
100.0022 |
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| GIS VRR |
| Tenor |
Cut-off Margin/Price |
| 3-Y |
99.0800 |
| 5-Y |
98.7600 |
| (as
on 21-Dec-2023) |
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|
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PIB
Auction
(Fixed Rate)
01-Aug-25 |
MTB
23-Jul-25
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Floating Rate PIB
(Semi-Annual Coupon)
23-Jul-25 |
Floating-rate
PIB
(Quarterly Coupon)
04-Feb-25 |
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| As
on 11-July-25 |
SBP’s
Reserves |
14,525.6 |
Bank’s
Reserves |
5,431.5 |
Total Reserves |
19,957.1 |
7 |
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As on 23-Jul-25 |
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M2M
Revaluation Rate |
| 284.7578 |
Weighted
Average Rate |
| Bid: |
284.5382 |
| Offer: |
285.97 |
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