SBP sets SOFR-based remuneration rate for Special Cash Reserve Account

By MG News | August 10, 2023 at 12:13 PM GMT+05:00

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August 10, 2023 (MLN): The rate of remuneration on the Special Cash Reserve Account (US$) will be calculated based as CME 1-month Term Secured Overnight Financing Rate (SOFR) published on the last working day of the previous month, minus 1% service charges, as per the latest circular issued by the State Bank of Pakistan (SBP) yesterday.

This decision follows the discontinuation of the US Dollar LIBOR.

In a separate announcement, the SBP informed all authorized dealers in foreign exchange that the rate of remuneration for the month of August 2023 on the Special Cash Reserve Account (US$) maintained with the SBP will be set at 4.32%.

This information is in reference to the notification provided in the circular dated March 31, 2001.

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