Monetary Policy

 





Monetary Policy Objectives
Monetary Policy and Exchange Rate Regime
Monetary Policy Instruments







 


  Monetary Policy Framework  
   Monetary Policy Objectives

The preamble of the SBP Act, 1956 envisages these objectives as 'whereas it is necessary to provide for the constitution of State Bank to achieve domestic price stability by way of regulating the monetary and credit system of Pakistan and, without prejudice to said primary objective, contribute to the stability of the financial system of Pakistan and supporting the general economic policies of the Federal Government to foster development and fuller utilization of the country's productive resources'.


  •  
    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-Nov-23

    22.60% p.a.
    KIBOR
    As on 29-Nov-23
    Tenor BID OFFER
    3-M 21.18 21.43
    6-M 21.02

    21.45

    12-M 21.09 21.59
     

  • MTBs
    Tenor Rates
    3-M 21.4997%
    6-M 21.4999%
    12-M 21.5001%
    (as on Nov 15, 2023)
    Fixed-rate PIB
    Tenor Cut-off Rates
    3-Y 17.3900%
    5-Y 15.9500%
    10-Y 15.1000%
    15-Y No Bid
    20-Y No Bid
    30-Y No Bid
    (as on Nov 08, 2023)

    Floating-rate PIBs (Quarterly Coupon)

    Tenor Cut-off Price
    2-Y 99.0041
    3-Y 98.0138

    Floating-rate PIBs
    (Half-yearly Coupon)

    Tenor Cut-off Price
    5-Y 96.9149
    10-Y 94.3547
    (as on Nov 15, 2023)
    GIS FRR
    Tenor Cut-off Rental Rate/Price
    1-Y 22.4900
    3-Y 98.9556
    5-Y 100.0338
    GIS VRR
    Tenor Cut-off Margin/Price
    1-Y -36 bps
    3-Y 101.0415
    5-Y 100.3000
    (as on 05-Oct-2023)
  • PIB Auction
    (Fixed Rate)
    20-Dec-23


    MTB
    29-Nov-23

    Floating Rate PIB
    (Semi-Annual Coupon)


    29-Nov-23
    Floating-rate PIB
    (Quarterly Coupon)

    29-Nov-23
    GIS VRR
    30-Nov-23

    GIS FRR
    30-Nov-23

    As on 17-Nov-23
    SBP’s Reserves
    7,180.0
    Bank’s Reserves
    5,122.3
    Total Reserves
    12,302.3

  •  
    As on 29-Nov-23
     
    M2M
    Revaluation Rate
    285.3857
    Weighted
    Average Rate
    Bid: 285.2242
    Offer:

    285.6639

       
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