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Monetary Policy

MPC has decided to keep the policy rate unchanged at 11.5% in its meeting held on 14 September, 2026.

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What's New

Stay current with all SBP updates — from regulations to economic insights

Economic Data

A snapshot of Pakistan’s key financial and economic indicators

SBP Policy Rate & Interest Rate Corridor Facilities

SBP Policy Rate

11.50%

p.a.

SBP Overnight Reverse (Repo) Ceiling Rate

12.50%

p.a.

SBP Overnight Reverse (Floor) Rate

10.50%

p.a.

Liquid Foreign Exchange Reserves (USD million)

As on 04- September - 2026

SBP’s Reserves

18,328.2

Bank’s Reserves

5,387.6

Total Reserves

23,715.8

Money Market Interest Rates

Weighted - average overnight repo rate

As on 15-Sep-26

11.76%

p.a.

KIBOR As on 16- Sep - 26
Tenor BID Offer
3-M 11.53 11.78
6-M 11.75 12
12-M 11.82 12.32

Upcoming Auction

PIB Auction (Fixed Rate)

18-Sep-26

MTB

2-Sep-26

Floating Rate PIB (Semi-Annual Coupon)

23-Jun-26

Floating Rate PIB (Quarterly Coupon)

04-Feb-25

USD/ PKR Rates

As on 16-Sep - 2026

M2M Revaluation Rate

277.2714

Weighted Average Rate

BID

276.9898

Offer

277.4149

Cut-off Rates in the Latest Auctions

MTBs

Tenor Cut-off Yield
1-M 11.3875%
3-M 11.5992%
6-M 11.8990%
12-M 11.9900%

Fixed - Rate PIB

Tenor Cut-off Yield
2-Y Bids Rejected
3-Y 11.7450%
5-Y 11.8000%
10-Y 12.3000%
15-Y 12.4850%
(as on Apr August 04, 2026)

Floating - Rate PIBs (Quarterly Coupon)

Tenor Cut-off Yield
2-Y Bids Rejected
3-Y Bids Rejected

Floating - Rate PIBs (Half-Yearly Coupon)

Tenor Cut-off Yield
10-Y Bids Rejected
*(as on April 29, 2026)

GIS FRR

Tenor Cut-off Rental Rate/ Price
3-Y 100.2842
5-Y 100.0022

GIS VRR

Tenor Cut-off Rental Rate/ Price
3-Y 99.0800
5-Y 98.7600
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Core Functions

Explore our roles and responsibilities

Monetary Policy

Financial Stability

Financial Inclusion

Islamic Banking

Digital Financial Services

Our subsidiaries

Supporting SBP’s vision and functions

SBP-BSC

Operational arm to implement SBP's policies, agency for prize bonds, national saving schemes

NIBAF Pakistan

Training institute to support the country's financial sector

DPC

Providing deposit protection for bank customers

PSPC

Providing printing services to SBP for Currency Notes and prize bonds.

RAAST Payments Pakistan

Enables free and seamless digital payments.

DIGITAL SERVICES

Digital financial solutions that work for all Pakistanis

Sunwai

A customer complaint portal to streamline and resolve issues directly

EasyData

A portal for seamless data access

InvestPak

A digital platform to invest in government securities

Roshan Digital Account

Roshan Digital Account is a major initiative of State Bank of Pakistan, in collaboration with commercial banks operating in Pakistan...

Media Center

Browse trending topics – from speeches to podcasts

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