SBP maintains remuneration rate on Special Cash Reserve Account for September
MG News | September 01, 2026 at 12:17 AM GMT+05:00
September 01, 2026 (MLN): The State Bank of Pakistan (SBP) has slightly
increased the rate of remuneration on the Special Cash Reserve Account (US$) to
2.71% for September 2026 from 2.66% in August 2026 and 2.65% in July 2026.
This rate applies to deposits raised under FE-Circular25 of 1998, according to the latest circular
issued by the SBP.
Under the current framework, banks and non-bank
financial institutions (NBFIs) are required to maintain cash reserves
equivalent to 25% of their total FE-25 deposits with the SBP, comprising 5% in
a Cash Reserve Account and 20% in a Special Cash Reserve Account.
While the cash reserve is non-remunerative, the
special cash reserve is remunerated monthly based on the rate notified by the
SBP.
As per the DMMD CircularLetter No. 03 of 2023, the remuneration
rate is determined using the CME 1-month Term Secured Overnight Financing Rate
(SOFR) published on the last working day of the previous month, minus 1%
service charges.
The adjustment reflects the SBP’s ongoing mechanism
for aligning the remuneration rate on foreign currency reserves with prevailing
international benchmarks.
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