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| Monetary Policy Framework |
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| Monetary Policy Objectives |
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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'.
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 |
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| SBP Policy Rate |
|
21.00% p.a. |
| |
SBP Overnight
Reverse
Repo (Ceiling) Rate |
| 22.00% p.a |
| |
SBP Overnight
Repo (Floor) Rate |
| 20.00%
p.a. |
|
-
 |
| |
| Weighted-average Overnight Repo Rate |
As on 25-May-23
21.27% p.a. |
KIBOR
As on 26-May-23 |
| Tenor |
BID |
OFFER |
| 3-M |
21.84 |
22.09 |
| 6-M
|
21.87 |
22.12 |
| 12-M
|
21.88 |
22.38 |
|
| |
|
-
 |
MTBs |
| Tenor |
Rates |
| 3-M |
21.9999% |
| 6-M |
21.9157% |
| 12-M |
21.9997% |
| (as
on May 17, 2023) |
|
| Fixed-rate PIB |
| Tenor |
Cut-off Rates |
| 3-Y |
19.3895% |
| 5-Y |
Bids Rejected |
| 10-Y |
Bids Rejected |
| 15-Y |
No Bid |
| 20-Y |
No Bid |
| 30-Y |
No Bid |
| (as
on May 10, 2023) |
|
Floating-rate PIBs (Quarterly Coupon) |
| Tenor |
Cut-off Price |
| 2-Y |
Rs.98.4698 |
| 3-Y |
Rs.97.0476 |
|
Floating-rate PIBs
(Half-yearly Coupon) |
| Tenor |
Cut-off Price |
| 5-Y |
Rs.94.4413 |
| 10-Y |
No Bid |
| (as
on May 17, 2023) |
|
| GIS FRR |
| Tenor |
Cut-off Rental Rate |
| 1-Y |
21.3000% |
| 3-Y |
Bids Rejected |
| 5-Y |
No Bid |
|
| GIS VRR |
| Tenor |
Cut-off Prices |
| 1-Y |
100.0000 |
| 3-Y |
98.1250 |
| 5-Y |
Bids Rejected |
| (as
on 18-May-2023) |
|
|
-
 |
PIB
Auction
(Fixed Rate)
7-Jun-23 |
MTB
31-May-23
|
Floating Rate PIB
(Semi-Annual Coupon)
31-May-23 |
Floating-rate PIB
(Quarterly Coupon)
31-May-23 |
GIS VRR
1-Jun-23 |
GIS FRR
1-Jun-23 |
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 |
| As
on 19-May-23 |
SBP’s Reserves |
4,193.0 |
Bank’s Reserves |
5,538.1 |
Total Reserves |
9,731.1 |
|
|
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 |
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| As on 26-May-23 |
| |
M2M
Revaluation Rate |
| 285.1534 |
Weighted
Average Rate |
| Bid: |
284.7657 |
| Offer: |
285.1818 |
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