Structure of Interest Rates -I

Percent

w.e.f.

SBP
SBP Reverse SBP Repo Policy
(Target)
Repo Rate1
Rate2
Rate3

13-Aug-12
8-Oct-12
17-Dec-12
11-Feb-13

10.5
10.0
9.5
9.5

24-Jun-13
16-Sep-13
18-Nov-13
17-Nov-14
26-Jan-15
24-Mar-15
25-May-15
14-Sep-15 till date

9.0
9.5
10.0
9.5
8.5
8.0
7.0
6.5

7.5
7.0
6.5
7.0
6.5
7.0
7.5
7.0
6.0
5.5
5.0
4.5

6.5
6.0

Export Refinance**
w.e.f.
1-Jan-10
1-Apr-10
1-Jul-10
1-Oct-10
1-Jan-11
10-Sep-12
1-Jan-13
1-Feb-13
1-Apr-13
1-Jul-14
2-Feb-15
1-Jul-2015 till date

Rate
7.5
8.0
8.5
9.0
10.0
8.5
8.3
8.2
8.4
7.5
6.0
4.5

Rate of
Remuneration on
FE-25 CRR
w.e.f.
Oct-14
Nov-14
Dec-14
Jan-15
Feb-15
Mar-15
Apr-15
May-15
Jun-15
Jul-15
Aug-15
Sep-15

Rate
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00

1. Formally known as rate on SBP 3-Day Repo Facility. Since August 17, 2009 Via DMMD Circular # 01 of 2009, it was replaced with SBP O/N Reverse
Repo Rate. It remained as SBP Policy rate till May 24, 2015.
2. Introduced with effect from August 17, 2009 Via DMMD Circular # 01 of 2009, it serves as a Floor for SBP Interest Rate Corridor.
3. Introduced with effect from May 25, 2015 Via DMMD Circular # 09 of 2015, as new Policy (Target) Rate.
** Banks are allowed to charge a maximum spread of 1% (effective March 04, 2014, 2% in case of financing to SMEs without enhancing borrowers' rate).

Long Term Financing Facility (LTFF) #

w.e.f.
1-Jul-15 to date

Refinance Rate(%)
upto 3-y

3y-5y

5y-10y

4.50

3.50

3.00

# Banks/DFIs are allowed to charge a maximum spread of 1.5 %, 2.5% and 3.0% for financing up to 3y, for over 3y and up to 5y and for over 5y and up to
10y, respectively.

Source: DMMD, IH&SMEFD, Monetary Policy Statement

Prepared By: Zara Mohsin, Contact # 021-32455606
Contact Person :

Dr. Ishaque Ahmed Ansari

Contact No.:

021-99212573

Email.:

ishaque.ahmed@sbp.org.pk
http://www.sbp.org.pk/stats/survey/index.asp

For Feedeback:

Structure of Interest Rates -II

Percent

Treasury bills auctions

Date
23-Jul-14
6-Aug-14
20-Aug-14
3-Sep-14
17-Sep-14
2-Oct-14
15-Oct-14
29-Oct-14
12-Nov-14
26-Nov-14
10-Dec-14
24-Dec-14
7-Jan-15
21-Jan-15
4-Feb-15
18-Feb-15
4-Mar-15
18-Mar-15
1-Apr-15
15-Apr-15
29-Apr-15
13-May-15
27-May-15
10-Jun-15
24-Jun-15
8-Jul-15
22-Jul-15
5-Aug-15
19-Aug-15
2-Sep-15

3-m
9.96
9.96
9.96
9.96
9.96
9.97
9.96
9.96
9.93
9.46
9.46
9.48
9.14
8.96
8.43
8.37
8.24
8.19
7.96
7.92
7.38
6.89
6.62
6.80
6.93
6.93
6.93
6.93
6.93
6.93

Cut-off yield
6-m
12-m
9.98
9.99
9.97
9.99
9.98
9.99
9.98
9.99
R
N
9.98
N
9.98
N
9.98
9.99
9.98
9.99
9.49
9.50
9.49
9.50
9.48
9.47
9.25
9.15
8.99
8.86
8.47
8.39
8.38
8.29
8.16
7.99
7.99
7.84
7.94
7.84
7.86
7.77
7.30
7.22
6.89
6.89
6.65
6.75
6.80
6.82
6.95
6.97
6.95
6.97
6.95
6.96
6.95
6.96
6.95
6.97
6.95
6.97

N=Not Received, R = Rejected

3-m
9.96
9.96
9.96
9.96
9.96
9.97
9.96
9.96
9.93
9.45
9.46
9.48
9.07
8.92
8.34
8.32
8.18
8.16
7.96
7.92
7.38
6.86
6.61
6.74
6.86
6.93
6.92
6.92
6.93
6.93

WA yield
6-m
9.98
9.97
9.98
9.98
R
9.98
9.98
9.95
9.92
9.47
9.49
9.47
9.13
8.96
8.39
8.34
8.12
7.89
7.93
7.84
7.26
6.72
6.64
6.75
6.94
6.95
6.95
6.92
6.95
6.95

Treasury bills secondary market yields

KIBOR

Repo
12-m
9.99
9.99
9.99
9.99
N
N
N
9.98
9.96
9.48
9.49
9.42
9.10
8.64
8.34
8.28
7.98
7.77
7.84
7.75
7.17
6.77
6.72
6.78
6.97
6.97
6.94
6.93
6.95
6.97

Date

O/N

3-m

Aug-14
Sep-14
Oct-14
Nov-14
Dec-14
Jan-15
Feb-15
Mar-15
Apr-15
May-15
Jun-15
Jul-15
Aug-15

9.77
9.41
9.27
9.36
9.33
9.13
7.83
8.05
7.35
7.05
6.28
6.78
6.63

10.05
10.06
10.05
9.76
9.56
9.07
8.46
8.10
7.81
7.12
6.72
6.78
6.78

25-Aug-15
26-Aug-15
27-Aug-15
28-Aug-15
31-Aug-15
01-Sep-15
02-Sep-15
03-Sep-15
04-Sep-15
07-Sep-15
08-Sep-15
09-Sep-15
10-Sep-15
11-Sep-15
14-Sep-15

6.38
6.43
NA
6.64
6.79
6.70
6.64
6.51
6.66
6.60
6.59
6.75
6.73
6.70
6.29

6.78
6.78
NA
6.78
6.78
6.78
6.78
6.78
6.78
6.78
6.78
6.78
6.78
6.78
6.31

6-m
12-m
Monthly Average
10.10
10.13
10.10
10.13
10.10
10.13
9.82
9.85
9.59
9.62
9.09
9.08
8.39
8.37
8.08
8.08
7.79
7.80
7.06
7.07
6.76
6.82
6.81
6.85
6.81
6.85
Daily Average
6.81
6.85
6.81
6.85
NA
NA
6.81
6.85
6.81
6.85
6.81
6.85
6.81
6.85
6.81
6.85
6.81
6.85
6.81
6.85
6.81
6.85
6.81
6.85
6.81
6.85
6.81
6.85
6.39
6.40

1-m

3-m

6-m

10.25
10.30
10.29
9.99
9.86
9.47
8.59
8.28
7.89
7.38
6.83
6.93
6.97

10.17
10.18
10.19
9.83
9.64
9.18
8.48
8.19
7.89
7.07
6.84
6.99
7.01

10.18
10.18
10.19
9.86
9.65
9.18
8.49
8.18
7.88
7.04
6.88
7.04
7.06

6.98
6.96
6.95
6.99
6.99
6.99
6.99
6.98
6.97
6.96
6.97
6.97
6.97
6.92
6.44

7.01
7.02
7.02
7.01
7.01
7.01
7.03
7.01
7.00
6.99
7.00
7.00
7.00
6.99
6.53

7.07
7.06
7.07
7.07
7.08
7.07
7.08
7.07
7.05
7.06
7.06
7.05
7.05
7.04
6.58

Source: DMMD, Business Recorder

Prepared By: Zara Mohsin, Contact # 021-32455606

Structure of Interest Rates -III

Percent

Pakistan Investment Bonds

Date
24-Apr-13
22-May-13
19-Jun-13
17-Jul-13
28-Aug-13
25-Sep-13
23-Oct-13
20-Nov-13
18-Dec-13
29-Jan-14
26-Feb-14
26-Mar-14
23-Apr-14
21-May-14
18-Jun-14
16-Jul-14
12-Aug-14
10-Sep-14
22-Oct-14
19-Nov-14
17-Dec-14
28-Jan-15
25-Feb-15
25-Mar-15
22-Apr-15
20-May-15
17-Jun-15
15-Jul-15
12-Aug-15
9-Sep-15

3-y
10.75
10.05
9.69
10.44
11.15
11.69
R
12.10
12.10
12.09
12.10
12.10
12.09
12.10
12.10
12.38
12.51
12.59
12.48
10.90
10.60
8.89
8.50
8.29
7.85
7.55
8.09
8.09
7.60
7.35

N=Not Received, R = Rejected

5-y
R
10.44
10.15
10.90
11.65
12.15
R
12.60
12.56
12.55
12.55
12.55
12.55
12.55
12.55
12.80
12.90
12.99
12.98
11.10
10.80
9.75
9.14
8.75
8.42
8.10
9.00
9.00
8.52
8.33

7y

Cut-off yield
10-y
15-y
R
11.10
11.05
11.65
12.00
12.60
R
13.00
12.95
12.89
12.91
12.90
12.90
12.90
13.00
13.20
13.35
13.46
13.45
12.00
11.70
10.01
9.80
9.50
9.34
9.25
R
R
9.40
9.34

20-y
N
N
N
N
N
N
N
N
13.29
12.90
N
N
R
N
13.00
13.11
N
13.59
N
N
R
11.00
N
N
N
N
N
N
N
N

30-y

3-y
10.67
10.01
9.61
10.33
11.01
11.62
R
11.96
12.09
11.76
12.04
11.99
12.07
12.08
12.08
12.35
12.43
12.54
12.37
10.39
10.40
8.88
8.50
8.19
7.76
7.37
7.89
8.06
7.54
7.31

5-y
R
10.38
10.05
10.78
11.49
12.09
R
12.49
12.56
12.20
12.49
12.45
12.53
12.54
12.55
12.74
12.82
12.95
12.96
10.69
10.75
9.40
9.07
8.66
8.37
8.01
8.88
8.97
8.51
8.24

7y

WA Yield
10-y
R
11.07
10.96
11.53
11.90
12.51
R
12.91
12.87
12.61
12.87
12.83
12.88
12.88
12.92
13.16
13.24
13.41
13.44
11.66
11.61
10.01
9.76
9.42
9.31
9.14
R
R
9.40
9.33

15-y

20-y
N
N
N
N
N
N
N
N
13.29
12.90
N
N
R
N
13.00
13.11
N
13.59
N
N
R
11.00
N
N
N
N
N
N
N
N

30-y

Secondary Market Yield

3-y
5-y
10-y
Monthly Average
Aug-14
12.43
12.85
13.28
Sep-14
12.47
12.89
13.39
Oct-14
12.12
12.56
13.12
Nov-14
10.69
10.97
11.87
Dec-14
10.20
10.55
11.37
Jan-15
9.14
9.44
10.19
Feb-15
8.56
9.00
9.82
Mar-15
8.13
8.48
9.28
Apr-15
7.99
8.45
9.37
May-15
7.30
7.86
9.05
Jun-15
7.67
8.61
9.79
Jul-15
7.89
8.88
9.88
Aug-15
7.44
8.39
9.42
Daily Average
25-Aug-15
7.38
8.32
9.38
26-Aug-15
7.42
8.40
9.40
27-Aug-15
NA
NA
NA
28-Aug-15
7.34
8.29
9.35
31-Aug-15
7.33
8.28
9.35
01-Sep-15
7.33
8.33
9.38
02-Sep-15
7.33
8.33
9.35
03-Sep-15
7.33
8.33
9.34
04-Sep-15
7.28
8.28
9.32
07-Sep-15
7.26
8.23
9.34
08-Sep-15
7.26
8.23
9.34
09-Sep-15
7.18
8.13
9.32
10-Sep-15
7.26
8.19
9.32
11-Sep-15
7.20
8.19
9.30
14-Sep-15
7.03
8.03
9.13
Source: DMMD, Business Recorder
Prepared By: Zara Mohsin, Contact # 021-32455606

Structure of Interest Rates -IV

WA rates (overall deposits and lending)
Date
Jun-06
Jun-07
Jun-08
Jun-09
Jun-10
Jun-11
Jun-12
Jun-13
Jun-14
Jun-15
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14
Jan-15
Feb-15
Mar-15
Apr-15
May-15
Jun-15
Jul-15

Lending
Marginal
Stocks
9.93
10.40
10.32
11.33
12.75
11.96
14.32
14.02
13.22
13.39
14.25
13.78
13.13
12.96
10.56
11.36
10.37
11.10
8.24
9.63
10.38
10.33
10.30
10.48
10.41
10.28
10.35
9.50
9.31
8.85
8.61
8.24
7.88

11.06
10.92
11.00
10.92
10.93
10.92
10.73
10.55
10.47
9.95
9.85
9.63
9.42

WA rate (FC deposits and lending)

Deposit
Marginal
Stocks
4.72
2.89
5.33
3.98
5.18
7.03
6.50
7.58
5.79
6.80
5.92
7.22
5.82
6.46
5.11
5.01
4.93
4.75
4.63
3.89
5.95
5.36
5.93
5.96
5.59
5.97
5.78
5.36
5.22
5.15
4.83
4.63
5.00

5.11
5.17
5.12
5.11
5.11
4.90
4.94
4.66
4.55
4.38
4.26
3.89
3.95

Date
Jun-06
Jun-07
Jun-08
Jun-09
Jun-10
Jun-11
Jun-12
Jun-13
Jun-14
Jun-15
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14
Jan-15
Feb-15
Mar-15
Apr-15
May-15
Jun-15
Jul-15

Lending
Marginal
Stocks
4.80
5.34
5.33
6.20
5.78
5.61
5.01
5.63
5.26
5.51
3.11
4.77
2.52
3.03
1.80
2.90
2.28
3.00
2.09
3.14
2.62
3.99
3.36
2.34
2.13
2.66
2.16
3.24
1.86
2.46
1.44
2.09
2.64

Deposits
Marginal
Stocks
1.45
1.18
2.72
2.12
2.21
1.95
1.37
1.41
0.93
1.03
1.34
0.89
1.41
0.85
1.25
0.70
1.70
0.79
1.23
0.71

3.39
3.85
4.15
3.66
3.51
3.84
3.83
3.38
3.52
3.47
3.27
3.14
3.03

1.51
1.47
1.73
1.16
1.49
1.96
1.44
1.16
1.19
0.83
1.02
1.23
0.98

0.78
0.82
0.86
0.84
0.88
0.89
0.95
0.88
0.76
0.76
0.85
0.71
0.67

Percent
LIBOR
6-m
(US$)
5.49
5.37
3.10
1.18
0.75
0.40
0.74
0.41
0.32
0.44
0.33
0.33
0.33
0.32
0.33
0.34
0.36
0.38
0.40
0.40
0.42
0.44
0.46

Source: Banking Statistics Division, Statistics & Data Warehouse Deptt.

w.e.f.
1-Jul-12
27-Aug-12
12-Oct-12
1-Jan-13
1-Jul-13
1-Oct-13
1-Jan-14
1-Oct-14
1-Dec-14
1-Feb-15
1-Apr-15
1-Jun-15
1-Aug-15
a

Rate of return on
RICs
12.36
11.04
10.56
10.36
9.48
11.22
11.88
12.30
10.15
8.95
8.23
7.61
8.52

DSCs
12.68
11.50
11.04
10.84
10.36
11.61
12.26
12.75
11.08
9.50
8.92
8.68
9.15

SSCs
PBA
11.90
14.64
10.70
13.50
9.90
12.96
9.70
12.72
8.80
12.24
10.60
13.44
11.40
14.04
11.60
9.60
12.72
8.20
11.28
7.60
10.80
6.80
10.56
7.63
11.04
Source: Ministry of Finance

RIC: Regular Income Certificates; DSC: Defence Saving Certificates; SSC: Special Savings Certificates; PBA: Pensioners Benefit Accounts.

Prepared By: Zara Mohsin, Contact # 021-32455606