The State Bank of Pakistan’s latest economic snapshot shows the policy rate unchanged at 11.5 percent, liquid foreign exchange reserves of $26.77 billion, and the rupee holding broadly steady near 277 to the US dollar.
As of September 25, total liquid foreign exchange reserves stood at $26,770.9 million. Of this, the State Bank held $21,439.2 million while commercial banks held $5,331.7 million, according to the central bank’s data.
In the interbank market, the SBP’s indicative rate for the dollar stood at Rs277.10 (M2M revaluation rate) on October 1, with a weighted average bid of Rs276.83 and offer of Rs277.25.
Separately, the State Bank raised the remuneration rate on the Special Cash Reserve Account (US$) to 2.91 percent for October 2026, up from 2.71 percent in September and 2.66 percent in August. The rate, tied to international benchmarks, applies to foreign currency deposits banks are required to hold with the central bank.
In money markets, the September 30 treasury bill auction saw cut-off yields of 11.68 percent for one month, 11.99 percent for three months, 12.45 percent for six months and 12.49 percent for twelve months — levels broadly consistent with the current 11.5 percent policy rate.
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