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
    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 20-Apr-17
    5.79 % p.a.
     
    KIBOR
    As on 21-Apr-17
    Tenor BID OFFER
    3-M 5.89 6.14
    6-M 5.91 6.16
    12-M 5.97 6.47

  •  
    MTBs
    Tenor Rates
    3-M 5.9910%
    6-M Bids Rejected
    12-M Bids Rejected
    PIBs
    Tenor Rates
    3-Y Bids Rejected
    5-Y Bids Rejected
    10-Y Bids Rejected
    20-Y No Bids Received


    GIS

    Cut-off Margin over Benchmark*:
    -50 bps
    * Latest 6-M W.A MTB Rate


  • MTB Auction

    26-Apr-17

     
    PIB Auction

    17-May-17

     
    As on 14-Apr-17
    SBP’s Reserves
    16,416.1
    Bank’s Reserves
    5,152.0
    Total Reserves
    21,568.1

  •  
    USD/PKR Rates
    As on 21-Apr-17
     
    M2M
    Revaluation Rate
    104.8212
     
    Weighted
    Average Rate
    Bid: 104.7681
    Offer: 104.9536
       
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