Karachi April 5 2023: Pakistan Central Bank increase the Overnight Reverse Repo (Ceiling) rate by 100 basis points and set it at 22.00%, 100bps above the SBP Policy Rate.
SBP has decided to increase ‘Policy Rate’ (Target Rate) from 20.00% to 21.00%.
The SBP Overnight Repo (Floor) rate will be at 20.00% i.e. 100 bps below the SBP Policy Rate.
Accordingly, the Floor and Ceiling levels for the Interest Rate Corridor are 20.00% and 22.00% 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 05, 2023. Other instructions on the subject shall, however, remain unchanged.