Structure of Interest Rates -I

Percent

w.e.f.

SBP Reverse SBP Repo

1
2
Repo Rate
Rate

10-Oct-11
30-Nov-11
11-Feb-12
13-Apr-12
8-Jun-12
13-Aug-12
8-Oct-12
17-Dec-12
8-Feb-13
12-Apr-13
24-Jun-13
16-Sep-13
18-Nov-2013 till date

12.0
12.0
12.0
12.0
12.0
10.5
10.0
9.5
9.5
9.5
9.0
9.5
10.0

9.0
9.0
9.0
9.0
9.0
7.5
7.0
6.5
7.0
7.0
6.5
7.0
7.5

Export Refinance**
w.e.f.

Rate

1-Jun-05
1-Jul-05
14-Jul-06
9-Nov-09
10-Jan-10
1-Apr-10
31-Jul-10
1-Oct-10
1-Jan-11
10-Sep-12
1-Jan-13
1-Feb-13
01-Apr-13 till date

6.5
7.5
6.5
7.0
7.5
8.0
8.5
9.0
10.0
8.5
8.3
8.2
8.4

Remuneration on
FE-25 CRR*
w.e.f.
Jun-13
Jul-13
Aug-13
Sep-13
Oct-13
Nov-13
Dec-13
Jan-14
Feb-14
Mar-14
Apr-14
May-14
Jun-14

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
0.00

1. SBP 3-day repo rate was renamed as SBP reverse repo rate w.e.f. August 17, 2009. SBP reverse repo rate ( also known as policy rate or discount rate) is the
rate at which banks borrow from SBP on an overnight basis.
2. SBP Repo rate (introduced w.e.f. August 17, 2009) is the rate at which banks deposit their end-of-day excess cash with SBP on an overnight basis.
* This is linked with 1-m US$ LIBOR. Since November 30, 2004 it is "LIBOR minus 1%.
** EFS rates are linked with weighted average yields of last three auctions of 6 months T-Bills. EFS rate is worked out at the end of every month, as per said
criteria. However, keeping in view the competitiveness of exporters EFS rate has been kept at 8.5% p.a. plus 1.0% spread (end users rate 9.5% ) since July 01
,2010. Moreover,on March 09, 2009 SBP further incentivize financing under EFS (Part II) by way of lowering mark-up rates of high performers. According to
which markup rate for borrower(end user) will be 9.0% p.a, 8.0% p.a, 7.5% p.a and 7.0% p.a for recording exports up to 2-3 times, 3.01-4 times,4.01-5 times
and above 5 times, respectively. (See IH&SMFD Circular No.15 of 2009)

Long Term Financing Facility (LTFF)

w.e.f.
20-Aug-13 to date

Refinance Rate(%)
upto 3-y
8.80

3y-5y

5y-10y

8.40

8.40

# LTFF Re-finance rates (for a period of 3-10 years) are linked with 3,5 and 10-year PIBs' weighted average yield of last 2 auctions. Banks/DFIs are allowed to
charge a maximum spread of 1.5 %, 2.5% and 3.0% for financing upto 3y, for over 3y and upto 5y and for over 5y and upto 10y, respectively.

Source: DMMD, IH&SMEFD, Monetary Policy Statement

Contact Person :
Contact No.:
Email.:
For Feedeback:

Behzad Ali Ahmad

021-99221211
behzad.ali@sbp.org.pk

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

Structure of Interest Rates -II

DMMD

Percent

Treasury bills auctions

Date
30-Apr-13

Cut-off yield
3-m
6-m
9.46
9.45

15-May-13
29-May-13
12-Jun-13
26-Jun-13
10-Jul-13
24-Jul-13
6-Aug-13
21-Aug-13
4-Sep-13
18-Sep-13
2-Oct-13
14-Oct-13
30-Oct-13
12-Nov-13
27-Nov-13
11-Dec-13
24-Dec-13
8-Jan-14
22-Jan-14
4-Feb-14
19-Feb-14
5-Mar-14
19-Mar-14
2-Apr-14
16-Apr-14
30-Apr-14
14-May-14
28-May-14
11-Jun-14

9.41
9.37
9.23
8.96
8.97
8.96
8.99
8.96
8.96
9.41
9.41
9.43
9.41
9.44
9.87
9.91
9.96
9.96
9.96
9.97
9.96
9.96
9.96
9.96
9.96
9.94
9.96
9.96
9.96

N=Not Received, R = Rejected

9.43
9.38
9.25
8.97
8.97
8.99
8.98
8.99
N
9.45
9.45
N
9.46
9.46
R
9.98
9.98
9.98
9.98
9.98
9.98
9.98
9.98
9.98
9.98
9.97
9.98
9.98
9.98

12-m
9.46
9.45
9.39
9.28
8.98
8.98
8.98
N
R
N
N
N
N
N
N
R
N
N
9.99
9.99
9.99
R
9.99
9.99
9.99
9.99
9.99
9.99
N
9.99

Treasury bills secondary market yields

WA yield
3-m
6-m
9.43
9.43
9.40
9.62
9.23
8.93
8.89
8.95
8.95
8.96
8.96
9.35
9.40
9.42
9.41
9.43
9.83
9.88
9.90
9.94
9.92
9.97
9.95
9.96
9.96
9.96
9.96
9.94
9.96
9.96
9.96

9.41
9.33
9.22
8.92
8.94
8.96
8.98
8.99
N
9.45
9.45
N
9.46
9.46
R
9.98
9.98
9.95
9.98
9.98
9.98
9.98
9.98
9.98
9.98
9.97
9.97
9.98
9.98

12-m
9.43
9.41
9.34
9.21
8.96
8.96
8.97
N
R
N
N
N
N
N
N
R
N
N
9.99
9.99
9.99
R
9.99
9.98
9.99
9.99
9.99
9.99
N
9.99

Date

O/N

May-13
Jun-13
Jul-13
Aug-13
Sep-13
Oct-13
Nov-13
Dec-13
Jan-14
Feb-14
Mar-14
Apr-14
May-14

9.14
9.04
8.15
8.14
7.89
9.00
8.72
9.92
9.66
9.31
9.47
9.79
9.43

28-May-14
29-May-14
30-May-14
02-Jun-14
03-Jun-14
04-Jun-14
05-Jun-14
06-Jun-14
09-Jun-14
10-Jun-14
11-Jun-14
12-Jun-14
13-Jun-14
16-Jun-14
17-Jun-14

8.19
7.81
10.08
8.81
7.46
7.94
8.00
10.04
9.95
9.95
9.16
8.81
8.46
8.63
8.88

Repo
3-m
6-m
12-m
Monthly Average
9.34
9.35
9.39
9.26
9.24
9.24
8.91
8.95
9.01
8.84
8.95
9.04
8.94
9.16
9.25
9.10
9.43
9.56
9.36
9.64
9.63
9.82
9.90
9.98
9.86
9.93
10.01
9.91
9.93
10.01
9.95
9.97
9.97
10.02
10.03
10.00
10.14
10.17
10.10
Daily Average
10.18
10.15
10.16
10.18
10.15
10.16
10.19
10.15
10.16
9.93
10.10
10.13
10.06
10.10
10.13
10.06
10.10
10.13
10.06
10.10
10.13
10.06
10.10
10.13
10.06
10.10
10.13
10.06
10.10
10.13
10.06
10.10
10.13
10.06
10.10
10.13
10.06
10.10
10.13
10.06
10.10
10.13
10.06
10.10
10.13

KIBOR
1-m

3-m

6-m

9.71
9.68
9.16
9.01
9.03
9.38
9.40
10.16
10.16
10.19
10.26
10.37
10.35

9.56
9.41
9.04
9.04
9.19
9.48
9.67
10.06
10.09
10.11
10.09
10.18
10.17

9.60
9.60
9.08
9.12
9.27
9.55
9.78
10.14
10.14
10.15
10.11
10.18
10.17

10.28
10.31
10.38
10.33
10.14
10.15
10.29
10.28
10.31
10.32
10.12
10.16
10.09
10.22
10.23

10.16
10.17
10.18
10.18
10.12
10.16
10.17
10.16
10.18
10.17
10.16
10.17
10.18
10.16
10.16

10.17
10.17
10.17
10.18
10.15
10.17
10.17
10.16
10.17
10.18
10.16
10.17
10.18
10.16
10.17

Source: DMMD, Business Recorder

Structure of Interest Rates -III

Percent

Pakistan Investment Bonds

Date
14-Sep-11
14-Oct-11
24-Nov-11
21-Dec-11
15-Feb-12
15-Mar-12
10-May-12
6-Jun-12
18-Jul-12
15-Aug-12
26-Sep-12
23-Oct-12
21-Nov-12
6-Dec-12
17-Jan-13
14-Feb-13
13-Mar-13
25-Apr-13
23-May-13
20-Jun-13
18-Jul-13
29-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

3-y
13.22
12.16
12.22
12.45
12.45
12.59
12.62
12.75
12.67
11.30
10.63
10.39
10.35
10.40
R
R
R
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

5-y
13.24
12.19
R
12.70
12.81
12.94
13.05
13.12
13.07
11.70
11.17
10.96
10.94
10.93
R
R
R
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

Cut-off yield
7y
10-y
15-y
R
13.25
N
R
12.24
N
R
12.32
N
R
12.70
N
12.91
13.20
13.32
13.38
13.33
12.05
11.60
11.45
11.42
11.42
R
R
R
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

20-y
N
N
N
N
N
N
R
13.35
13.35
N
N
N
N
N
N
N
N
N
N
N
N
N
N
N
N
13.29
12.90
N
N
R
N

30-y
N
N
N
N

3-y
13.43
13.12
12.08
12.17
12.40
12.42
12.50
12.59
12.69
12.64
11.27
10.56
10.38
10.35
R
R
R
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

5-y
13.47
13.14
12.11
R
12.68
12.78
12.89
13.02
13.08
13.05
11.55
11.12
10.94
10.93
R
R
R
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

7y
R
R
R
R
R

WA Yield
10-y
15-y
13.50
13.50
13.19
N
12.16
N
12.25
N
12.70
N
12.85
13.11
13.28
13.36
13.33
12.03
11.58
11.42
11.42
R
R
R
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

20-y
R
N
N
N
N
N
N
R
13.35
13.35
N
N
N
N
N
N
N
N
N
N
N
N
N
N
N
13.29
12.90
N
N
R
N

30-y
R
N
N
N
N

Secondary Market Yield

3-y
5-y
Mar-13
11.10
11.45
Apr-13
10.85
11.26
May-13
10.18
10.56
Jun-13
9.69
10.04
Jul-13
10.29
10.75
Aug-13
10.82
11.39
Sep-13
11.28
11.79
Oct-13
11.86
12.35
Nov-13
11.94
12.46
Dec-13
12.05
12.56
Jan-14
11.75
12.29
Feb-14
11.97
12.47
Mar-14
11.76
12.30
Apr-14
11.97
12.48
May-14
11.97
12.44
Daily average
28-May-14
12.06
12.52
29-May-14
12.04
12.52
30-May-14
12.03
12.52
02-Jun-14
12.02
12.50
03-Jun-14
12.03
12.50
04-Jun-14
12.07
12.52
05-Jun-14
12.07
12.52
06-Jun-14
12.07
12.52
09-Jun-14
12.07
12.52
10-Jun-14
12.07
12.52
11-Jun-14
12.07
12.52
12-Jun-14
12.07
12.52
13-Jun-14
12.07
12.52
16-Jun-14
12.07
12.52
17-Jun-14
12.07
12.52

10-y
12.01
11.94
11.28
10.85
11.58
11.95
12.30
12.82
12.92
12.92
12.59
12.80
12.68
12.80
12.77
12.90
12.90
12.90
12.58
12.88
12.90
12.90
12.90
12.90
12.90
12.90
12.90
12.90
12.90
12.90

Source: DMMD, Business Recorder

N=Not Received, R = Rejected
The Special auction Rates for 3-, 5-and 10- years bond were 5.4005%, 6.799% & 8.000%.
The Special auction Rates for 5- & 10- years bond were 6.7491% & 7.9208%.

Structure of Interest Rates -IV

WA rates (overall deposits and lending)
Date
Jun-04
Jun-05
Jun-06
Jul-12
Jun-08
Jun-09
Jun-10
Jun-11
Jun-12
Jun-13
Apr-13
May-13
Jun-13
Jul-13
Aug-13
Sep-13
Oct-13
Nov-13
Dec-13
Jan-14
Feb-14
Mar-14
Apr-14

Lending
Marginal
Stocks
5.05
6.49**
8.21
8.41
9.93
10.40
13.13
12.96
12.75
11.96
14.32
14.02
13.22
13.39
14.25
13.78
13.13
12.96
10.56
11.36
10.51
10.65
10.56
10.20
9.69
9.70
10.38
10.00
10.54
11.02
10.66
10.53
10.81

11.42
11.49
11.36
11.28
11.11
11.10
11.10
11.13
11.07
11.17
11.19
11.10
11.10

WA rate (FC deposits and lending)

Deposit
Marginal
Stocks
1.19**
1.21
3.38
1.85
4.72
2.89
6.46
5.82
7.03
5.18
7.58
6.50
6.80
5.79
7.22
5.92
6.46
5.82
5.11
5.01
5.98
6.17
5.11
5.45
5.22
5.08
5.71
5.19
6.54
6.14
5.93
5.80
5.78

5.23
5.15
5.01
4.97
4.83
4.79
4.90
4.89
5.05
5.19
5.14
5.05
5.04

Date
Jun-04
Jun-05
Jun-06
Jun-07
Jun-08
Jun-09
Jun-10
Jun-11
Jun-12
Jun-13
Apr-13
May-13
Jun-13
Jul-13
Aug-13
Sep-13
Oct-13
Nov-13
Dec-13
Jan-14
Feb-14
Mar-14
Apr-14

Lending
Marginal
Stocks
2.45
3.90
3.25
4.16
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
1.60
2.01
1.80
2.03
2.21
1.83
2.57
3.17
4.13
2.35
2.78
2.72
2.23

Deposits
Marginal
Stocks
1.19
1.99
0.92
0.83
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

2.85
2.82
2.90
2.81
2.78
2.49
2.61
3.02
3.53
4.05
4.09
3.95
3.23

0.99
1.13
1.25
1.08
1.06
1.12
1.30
1.42
1.88
1.35
1.37
1.35
1.14

0.73
0.74
0.70
0.69
0.71
0.63
0.66
0.70
0.76
0.77
0.75
0.71
0.77

Percent
LIBOR
6-m
(US$)
1.81
3.61
5.49
5.37
3.10
1.18
0.75
0.40
0.74
0.41
0.44
0.42
0.41
0.40
0.40
0.38
0.36
0.35
0.35
0.34
0.33
0.33
0.32

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

w.e.f.
1-Jan-11
1-Oct-11
1-Jan-12
1-Apr-12
1-Jul-12
27-Aug-12
12-Oct-12
1-Jan-13
1-Jul-13
1-Oct-13
1-Jan-14

Rate of return on
RICs
13.44
12.60
11.76
12.12
12.36
11.04
10.56
10.36
9.48
11.22
11.88

DSCs
13.55
12.68
11.90
12.33
12.68
11.50
11.04
10.84
10.36
11.61
12.26

SSCs
13.20
12.40
11.60
11.80
11.90
10.70
9.90
9.70
8.80
10.60
11.40

PBA
15.36
14.40
13.86
14.28
14.64
13.50
12.96
12.72
12.24
13.44
14.04

** Data for outstanding lending rates and Marginal deposit rates are available since July 2003.
RIC: Regular Income Certificates; DSC: Defence Saving Certificates; SSC: Special Savings Certificates; PBA: Pensioners Benefit Accounts.

Source: Ministry of Finance