State Bank of Pakistan

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SBP Policy Rate

10.50% p.a.

SBP Overnight
Reverse
Repo (Ceiling) Rate

11.50% p.a

SBP Overnight
Repo (Floor) Rate

9.50% p.a.

Weighted-average Overnight Repo Rate

As on 17-Dec-25
11.21% p.a.

KIBOR
As on 18-Dec-25

Tenor	BID	OFFER
3-M	10.4	10.65
6-M	10.43	10.68strong>
12-M	10.47/strong>	10.97/strong>

MTBs

Tenor	Cut-off Yield
1-M	10.8492%
3-M	10.9881%
6-M	10.9999%
12-M	11.2681%
(as on Dec 10, 2025)

Fixed-rate PIB

Tenor	Cut-off Rates
2-Y	10.7760%
3-Y	10.8389%
5-Y	11.1900%
10-Y	11.6650%
15-Y	11.9999%
(as on Dec 17, 2025)

Floating-Rate PIBs (Quarterly Coupon)

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

Floating-Rate PIBs
(Half-yearly Coupon)

Tenor	Cut-off Price
10-Y	95.5013
(as on Dec 10, 2025)

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

GIS VRR
Tenor	Cut-off Margin/Price
3-Y	99.0800
5-Y	98.7600
(as on 21-Dec-2023)

PIB Auction
(Fixed Rate)
14-Jan-25

MTB
24-Dec-25

Floating Rate PIB
(Semi-Annual Coupon)

24-Dec-25

Floating-rate PIB
(Quarterly Coupon)

04-Feb-25

As on 12-Dec-25

SBP’s Reserves	15,886.8
Bank’s Reserves	5,202.2
Total Reserves	21,089.0

As on 18-Dec-25

M2M
Revaluation Rate

280.2637

Weighted
Average Rate

Bid:	280.0203
Offer:	280.4454


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