Financial Markets











 Financial Markets – Introduction and Basic concepts:

Markets for trading financial instruments including money, bonds, stocks, and derivative are referred to as Financial Markets. Developed financial markets can play a key role of intermediating between the lenders (savers) and the borrowers (investors), reduce information asymmetries and allow central banks to implement and achieve objectives of monetary and exchange rate policies….

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 The role of SBP in Financial Markets:

It is mainly through money and foreign exchange market that SBP implements its monetary policy stance. To implement its monetary policy, SBP operationally focuses on controlling short-term interbank interest rate – overnight money market repo rate – through the use of various monetary policy tools (OMOs, Interest Rate Corridor, Reserve Requirements, FX Swaps, etc.) in both money and foreign exchange markets…

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 Auctions of Government Securities:

SBP serves as an agent of Government of Pakistan for managing domestic public debt. SBP is responsible for conducting auctions of marketable government securities (MTBs, PIBs and GIS) and managing certain public debt data. SBP also regulates Primary Dealers of government securities.


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 Exchange Rate Regime and FX Reserve Management:

Since May 1999, Pakistan has been following a market-based flexible exchange rate system. Inter-bank rate applies to all foreign exchange receipts and payments both in the public and private sectors. Exchange rate is determined by the demand and supply conditions in the domestic interbank foreign exchange market…


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 Domestic Derivatives Market:

State Bank has allowed limited number of derivative products (swaps and options) to the derivative market participants with certain reporting and disclosure obligations and the market is used only for hedging purpose…


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 Financial Market Data:

State Bank of Pakistan collects and disseminates large volumes of data related to financial markets for the information of various stakeholders. These data are available at the following link…


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 Policies and Guidelines for Financial Market players:

SBP issues policies, regulations and guidelines to facilitate smooth functioning of financial and ensure that the markets play their role effectively and efficiently in a prudent manner…


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  •  
    SBP Policy Rate
    5.75% p.a.
     
    SBP Overnight
    Reverse
    Repo (Ceiling) Rate
    6.25% p.a.
     
    SBP Overnight
    Repo (Floor) Rate
    4.25% p.a.
  •  
    Overnight Weighted Average Repo Rate
    As on 22-Mar-17
    6.01 % p.a.
     
    KIBOR
    As on 24-Mar-17
    Tenor BID OFFER
    3-M 5.84 6.09
    6-M 5.88 6.13
    12-M 5.92 6.42

  •  
    MTBs
    Tenor Rates
    3-M 5.9463%
    6-M 5.9896%
    12-M Bids Rejected
    PIBs
    Tenor Rates
    3-Y 6.4062%
    5-Y 6.8993%
    10-Y 7.9402%
    20-Y Bid s Rejected


    GIS

    Cut-off Margin over Benchmark*:  
    -50 bps

    * Latest 6-M W.A MTB Rate


  • MTB Auction

    29-Mar-17

     
    PIB Auction

    19-Apr-17

     
    As on 10-Mar-17
    SBP’s Reserves
    17,238.3
    Bank’s Reserves
    5,035.7
    Total Reserves
    22,274.0

  •  
    USD/PKR Rates
    As on 24-Mar-17
     
    M2M
    Revaluation Rate
    104.8449
     
    Weighted
    Average Rate
    Bid: 104.7656
    Offer: 104.9510

       
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