Monetary Policy

 About Monetary Policy

Monetary policy involves central banks’ use of instruments to influence interest rates and/or money supply in the economy with the objective to keep overall prices and financial markets stable.

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 Monetary Policy Framework in Pakistan

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.’

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 Monetary Policy Decision Making in Pakistan

Monetary Policy Committee is responsible and fully empowered to decide the monetary policy stance.

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 Monetary Policy Implementation in Pakistan

Implementation of the monetary policy stance, signaled through announcement of the policy rate, entails managing the day-to-day liquidity in the money market by SBP with the objective to keep the short-term interest rates stable and aligned with the policy rate.

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 Monetary Policy Communication in Pakistan

SBP issues Monetary Policy Statement and Decisions six times a year on its website. These documents provide analysis of current economic conditions and sets out the central bank policy rate.

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    SBP Policy Rate
    7.00% p.a.
    SBP Overnight
    Repo (Ceiling) Rate
    8.00% p.a.
    SBP Overnight
    Repo (Floor) Rate
    6.00% p.a.
    Overnight Weighted Average Repo Rate
    As on 04-Mar-21
    6.18% p.a.
    As on 05-Mar-21
    Tenor BID OFFER
    3-M 7.14 7.39
    6-M 7.40


    12-M 7.55 8.05

  • MTBs
    Tenor Rates
    3-M 7.2486%
    6-M 7.5498%
    12-M Bids Rejected
    (as on Feb 24, 2021)

    PIBs (Fixed Rate)

    Tenor Rates
    3-Y 9.4100%
    5-Y 9.9000
    10-Y 10.2890
    15-Y No Bids
    20-Y No Bids
    30-Y No Bids
    (as on Mar 03, 2021)

    PIBs (Floating Rate Quarterly)

    Tenor Cut-off Price
    2-Y 99.5239
    3-Y Bids Rejected
    (as on Feb 24, 2021)
    PIBs (Floating Rate Semi Annual)
    Tenor Price
    5-Y Bids Rejected
    (as on Feb 24, 2021)
    GIS (FRR)
    Tenor Cut-off Rental Rate
    5-Y 9.45
    (as on Jan 14, 2021)
    GIS (VRR)
    Tenor Cut-off Price
    5-Y 100-0600
    (as on Jan 14, 2021)

  • MTB Auction


    PIB (Floating Rate) Auction
    PIB (Fixed Rate) Auction
    As on 26-Feb-21
    SBP’s Reserves
    Bank’s Reserves
    Total Reserves

    USD/PKR Rates
    As on 05-Mar-21
    Revaluation Rate
    Average Rate
    Bid: 156.7713
    Offer: 157.1346
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