Structure of Interest Rates -I

Percent

w.e.f.

SBP Reverse
Repo Rate1

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

SBP Repo
2
Rate

End User
SBP Policy
3 Export Refinance Rate**
(Target) Rate

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

w.e.f.
10-Jan-10
1-Apr-10
31-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-15 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.
May-15
Jun-15
Jul-15
Aug-15
Sep-15
Oct-15
Nov-15
Dec-15
Jan-16
Feb-16
Mar-16
Apr-16

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.

Period of Financing

1-Jul-15 till date

Upto 3 years
Over 3 years and upto 5 years

SBP Rate of
Refinance
4.50
3.50

Over 5 years and upto 10 years

3.00

*PFIs' Spread

End User's Rate

1.50
2.50

6.00
6.00

3.00

6.00

*PFIs: Participating Financial Institutions

Source: DMMD, IH&SMEFD, Monetary Policy Statement

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
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
16-Sep-15
30-Sep-15
14-Oct-15
28-Oct-15
11-Nov-15
25-Nov-15
9-Dec-15
23-Dec-15
6-Jan-16
20-Jan-16
3-Feb-16
17-Feb-16
2-Mar-16
16-Mar-16
30-Mar-16

3-m
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
6.48
6.48
6.44
6.30
6.26
6.39
6.39
6.34
6.30
6.17
6.26
6.21
6.17
6.17
6.17

Cut-off yield
6-m
12-m
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
6.48
R
6.48
R
6.48
6.48
6.33
6.33
6.31
6.31
6.39
R
6.39
R
6.36
6.39
6.31
6.31
6.18
6.23
6.27
6.28
6.22
6.24
6.20
6.22
6.20
6.22
6.18
6.21

N=Not Received, R = Rejected

3-m
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
6.46
6.47
6.44
6.30
6.26
6.37
6.38
6.34
6.30
6.16
6.25
6.21
6.17
6.15
6.17

WA yield
6-m
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
6.45
6.48
6.47
6.30
6.28
6.38
6.39
6.36
6.28
6.17
6.24
6.22
6.19
6.20
6.18

Treasury bills secondary market yields

KIBOR

Repo
12-m
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
R
R
6.47
6.31
6.29
R
R
6.39
6.28
6.17
6.22
6.22
6.20
6.21
6.20

Date

O/N

3-m

Mar-15
Apr-15
May-15
Jun-15
Jul-15
Aug-15
Sep-15
Oct-15
Nov-15
Dec-15
Jan-16
Feb-16
Mar-16

8.05
7.35
7.05
6.28
6.78
6.63
6.29
6.13
6.10
6.18
6.18
6.12
5.94

8.10
7.81
7.12
6.72
6.78
6.78
6.54
6.36
6.31
6.30
6.25
6.18
6.18

10-Mar-16
11-Mar-16
14-Mar-16
15-Mar-16
16-Mar-16
17-Mar-16
18-Mar-16
21-Mar-16
22-Mar-16
24-Mar-16
25-Mar-16
28-Mar-16
29-Mar-16
30-Mar-16
31-Mar-16

4.96
6.05
6.05
6.25
6.28
6.35
6.05
6.05
6.05
5.66
6.08
6.01
5.99
6.00
6.31

6.18
6.18
6.18
6.18
6.18
6.18
6.18
6.18
6.18
6.18
6.18
6.18
6.18
6.18
6.18

6-m
12-m
Monthly Average
8.08
8.08
7.79
7.80
7.06
7.07
6.76
6.82
6.81
6.85
6.81
6.85
6.58
6.60
6.39
6.40
6.34
6.35
6.34
6.35
6.30
6.31
6.24
6.25
6.24
6.25
Daily Average
6.24
6.25
6.24
6.25
6.24
6.25
6.24
6.25
6.24
6.25
6.24
6.25
6.24
6.25
6.24
6.25
6.24
6.25
6.24
6.25
6.24
6.25
6.24
6.25
6.24
6.25
6.24
6.25
6.24
6.25

1-m

3-m

6-m

8.28
7.89
7.38
6.83
6.93
6.97
6.71
6.51
6.49
6.51
6.49
6.50
6.49

8.19
7.89
7.07
6.84
6.99
7.01
6.76
6.56
6.44
6.50
6.40
6.36
6.35

8.18
7.88
7.04
6.88
7.04
7.06
6.81
6.58
6.46
6.52
6.42
6.36
6.36

6.49
6.49
6.49
6.50
6.50
6.50
6.49
6.48
6.50
6.50
6.50
6.49
6.49
6.50
6.50

6.35
6.35
6.35
6.35
6.35
6.35
6.35
6.35
6.35
6.35
6.34
6.36
6.34
6.34
6.35

6.35
6.36
6.36
6.36
6.35
6.36
6.35
6.36
6.35
6.36
6.36
6.36
6.36
6.37
6.36

Source: DMMD, Business Recorder

Structure of Interest Rates -III

Percent

Pakistan Investment Bonds

Date
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
7-Oct-15
18-Nov-15
16-Dec-15
27-Jan-16
24-Feb-16
21-Mar-16

3-y
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
7.20
7.03
7.03
6.50
6.35
6.32

N=Not Received, R = Rejected

5-y
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
8.18
8.00
8.00
7.55
7.05
7.00

7y

Cut-off yield
10-y
15-y
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
9.23
9.15
9.10
8.85
8.25
8.23

20-y
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
N
N
N
N
N
N

30-y

3-y
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
7.16
6.98
7.00
6.47
6.29
6.31

5-y
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
8.16
7.93
7.99
7.46
6.97
6.98

7y

WA Yield
10-y
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
9.23
9.15
9.10
8.85
8.25
8.22

15-y

20-y
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
N
N
N
N
N
N

30-y

Secondary Market Yield

3-y
5-y
Monthly Average
Mar-15
8.13
8.48
Apr-15
7.99
8.45
May-15
7.30
7.86
Jun-15
7.67
8.61
Jul-15
7.89
8.88
Aug-15
7.44
8.39
Sep-15
7.18
8.17
Oct-15
7.04
7.97
Nov-15
7.04
7.99
Dec-15
7.05
8.14
Jan-16
6.61
7.61
Feb-16
6.41
7.13
Mar-16
6.32
6.95
Daily Average
10-Mar-16
6.32
6.97
11-Mar-16
6.32
6.97
14-Mar-16
6.32
6.97
15-Mar-16
6.32
6.97
16-Mar-16
6.31
6.97
17-Mar-16
6.31
6.97
18-Mar-16
6.32
6.95
21-Mar-16
6.32
6.95
22-Mar-16
6.32
6.95
24-Mar-16
6.29
6.94
25-Mar-16
6.29
6.94
28-Mar-16
6.29
6.94
29-Mar-16
6.32
6.94
30-Mar-16
6.34
6.93
31-Mar-16
6.34
6.88

10-y
9.28
9.37
9.05
9.79
9.88
9.42
9.27
9.15
9.20
9.22
9.01
8.54
8.23
8.28
8.28
8.28
8.26
8.24
8.21
8.23
8.23
8.18
8.19
8.19
8.21
8.22
8.22
8.21

Source: DMMD, Business Recorder

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
Feb-15
Mar-15
Apr-15
May-15
Jun-15
Jul-15
Aug-15
Sep-15
Oct-15
Nov-15
Dec-15
Jan-16
Feb-16

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
9.50
9.31
8.85
8.61
8.24
7.88
7.78
7.78
7.57
7.32
7.28
7.15
7.28

10.55
10.47
9.95
9.85
9.63
9.42
9.36
9.18
8.96
8.78
8.67
8.59
8.55

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
5.36
5.22
5.15
4.83
4.63
5.00
4.97
4.90
4.35
4.03
4.58
4.10
4.25

4.66
4.55
4.38
4.26
3.89
3.95
3.85
3.80
3.62
3.49
3.48
3.47
3.41

Date
Jun-06
Jun-07
Jun-08
Jun-09
Jun-10
Jun-11
Jun-12
Jun-13
Jun-14
Jun-15
Feb-15
Mar-15
Apr-15
May-15
Jun-15
Jul-15
Aug-15
Sep-15
Oct-15
Nov-15
Dec-15
Jan-16
Feb-16

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
3.24
1.86
2.46
1.44
2.09
2.64
2.50
2.15
2.34
1.12
1.18
2.17
1.63

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

3.38
3.52
3.47
3.27
3.14
3.03
3.07
3.21
3.17
3.02
3.17
3.21
3.17

1.16
1.19
0.83
1.02
1.23
0.98
0.64
0.99
0.61
0.77
1.36
0.94
1.01

0.88
0.76
0.76
0.85
0.71
0.67
0.58
0.59
0.58
0.60
0.60
0.59
0.60

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
0.38
0.40
0.40
0.42
0.44
0.46
0.52
0.54
0.53
0.61
0.77
0.86
0.87

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

w.e.f.
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
1-Oct-15
1-Dec-15
1-Feb-16
1-Apr-16
a

Rate of return on
RICs
9.48
11.22
11.88
12.30
10.15
8.95
8.23
7.61
8.52
7.85
7.54
7.10
6.63

DSCs
10.36
11.61
12.26
12.75
11.08
9.50
8.92
8.68
9.15
8.87
8.68
8.40
7.80

SSCs**
PBA
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
7.40
11.04
6.80
10.80
6.40
10.56
6.00
10.32
6.00
9.60
Source: Ministry of Finance

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

** 1-year