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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 a State Bank to regulate the monetary and credit system of Pakistan and to foster its growth in the best national interest with a view to securing monetary stability and fuller utilization of the country’s productive resources.’
SBP focuses on achieving monetary stability by controlling inflation close to its annual and medium-term targets set by the government. At the same time, SBP also aims to ensure financial stability, particularly the smooth functioning of the financial market and the payments system. Consensus in literature as well as country experiences suggests that price and financial stability facilitate the achievement of sustained economic growth in the long-run.
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| SBP Policy Rate |
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7.25% p.a. |
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SBP Overnight
Reverse
Repo (Ceiling) Rate |
| 8.25%
p.a. |
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SBP Overnight
Repo (Floor) Rate |
| 6.25%
p.a. |
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 |
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| Overnight
Weighted Average Repo Rate |
As on 14-Oct-21
7.60% p.a. |
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KIBOR
As on 15-Oct-21 |
| Tenor |
BID |
OFFER |
| 3-M |
7.71 |
7.96 |
| 6-M
|
8.10 |
8.35 |
| 12-M
|
8.60 |
9.10 |
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MTBs |
| Tenor |
Rates |
| 3-M |
7.8499% |
| 6-M |
8.1901% |
| 12-M |
Bids Rejected |
| (as
on Oct 06, 2021) |
|
PIBs (Fixed Rate) |
| Tenor |
Rates |
| 3-Y |
8.8800% |
| 5-Y |
9.1800% |
| 10-Y |
9.8300% |
| 15-Y |
10.4000% |
| 20-Y |
No Bids Received |
| 30-Y |
No Bids Received |
| (as
on Sep 15, 2021) |
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PIBs (Floating Rate Quarterly) |
| Tenor |
Cut-off Price |
| 2-Y |
Rs. 99.3014% |
| 3-Y |
Rs. 98.7057% |
| (as
on Oct 06, 2021) |
| PIBs (Floating Rate Semi Annual) |
| Tenor |
Cut of Price |
| 5-Y |
Bids Rejected |
| (as
on Oct 06, 2021) |
| GIS (FRR) |
| Tenor |
Cut-off Rental Rate |
| 5-Y |
9.70% |
| (as
on Sep 30, 2021) |
| GIS (VRR) |
| Tenor |
Cut-off Price |
| 5-Y |
-10Bps |
| (as
on Sep 30, 2021) |
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-
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PIB
Auction
(Fixed Rate)
02-Oct-21 |
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MTB Auction
20-Oct-21
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PIB Auction
(Floating Rate)
Semi-Annual
20-Oct-21 |
PIB
(Floating Rate)
Quarterly
20-Oct-21 |
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| As
on 08-Oct-21 |
SBP’s Reserves |
19,138.4 |
Bank’s Reserves |
6,831.0 |
Total Reserves |
25,969.4 |
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| USD/PKR
Rates |
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As on 15-Oct-21 |
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M2M
Revaluation Rate |
| 171.1811 |
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Weighted
Average Rate |
| Bid: |
170.9998 |
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Offer: |
171.3631 |
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