SBP aligns overnight repo rates with policy rate change

By MG News | June 27, 2023 at 11:22 AM GMT+05:00

0:00

June 27, 2023 (MLN): In line with the increase in Policy Rate in an emergent meeting yesterday, Overnight Reverse Repo (Ceiling) rate will also be at 23% i.e. 100 bps above the SBP Policy Rate, latest notice by SBP showed.

The SBP Overnight Repo (Floor) rate will be at 21% i.e. 100 bps below the SBP Policy Rate.

Accordingly, the Floor and Ceiling levels for the Interest Rate Corridor are 21% and 23% 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).

The above changes are effective from Jun 27, 2023. Other instructions on the subject will, however, remain unchanged.

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