RegAlert2026-04-27 | DMMD Circular No. 02Added · Updated
SBP Policy Rate and Overnight Repo/Reverse-Repo Facilities
The State Bank of Pakistan increases its Policy Rate from 10.50% to 11.50%, setting the Overnight Reverse Repo rate at 12.50% and the Overnight Repo rate at 10.50%. These adjustments establish an interest rate corridor with a floor of 10.50% and a ceiling of 12.50%, maintaining a width of 200 basis points. The changes apply to all commercial banks and primary dealers and take effect on April 28, 2026.
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DMMD Circular No. 02 of 2026
SBP’s Policy Rate and Overnight Repo / Reverse-Repo Facilities
April 27, 2026
23040
The Presidents/Chief Executives, All Commercial Banks/ Primary Dealers Dear Sirs/Madams, SBP’s Policy Rate and Overnight Repo / Reverse-Repo Facilities Please refer to DMMD Circular No. 09 dated December 15, 2025 . Following changes are announced with reference to this circular:
SBP has decided to increase ‘Policy Rate’ (Target Rate) from 10.50% to 11.50%. SBP Overnight Reverse Repo (Ceiling) rate will be at 12.50%, i.e. 100 bps above the SBP Policy Rate. The SBP Overnight Repo (Floor) rate will be at 10.50%, i.e. 100 bps below the SBP Policy Rate. Accordingly, the Floor and Ceiling levels for the Interest Rate Corridor are 10.50% and 12.50% p.a., respectively (i.e., width of 200bps).
SBP will continue to ensure that the money market overnight rate remains close to the SBP Policy Rate (Target Rate).Above changes are effective from April 28th, 2026. Other instructions on the subject shall, however, remain unchanged. Above changes are effective from April 28th, 2026. Other instructions on the subject shall, however, remain unchanged.
Yours sincerely,
Aniq Aziz Director
Home — Circulars — DMMD Circular No. 02 of 2026
SBP’s Policy Rate and Overnight Repo / Reverse-Repo Facilities
April 27, 2026
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Source: State Bank of Pakistan — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works
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