Pakistan: Open Market Operations - May 2021

Transcription

1. 6 .1 Government of Pakistan Treasury Bills Million Rupees 2020 2021 Jun-19 Jun-20 Feb Mar Nov Dec Jan Feb Mar Issue 134,468 54,548 335,619 400,012 649,876 1,319,450 947,765 438,561 1,681,039 Discount Allowed 3,793 1,001 10,343 10,839 10,684 21,610 15,582 7,246 28,600 Discharged 25,520 400,012 383,263 610,371 359,656 892,879 672,210 682,073 983,195 Discount Paid 619 10,839 11,896 18,892 5,847 14,618 11,066 11,203 16,090 Outstanding Balance 4,927,527 675,896 1,639,999 1,429,640 1,910,907 2,337,478 2,613,033 2,369,521 3,067,365 Issue - 50,720 6,597 261,172 25,382 82,595 104,666 993,382 533,997 Discount Allowed - 1,947 438 15,272 911 2,959 3,856 37,044 20,540 Discharged 668 22,744 7,709 96,002 204,633 55,335 117,170 221,943 307,403 Discount Paid 34 1,506 534 6,645 7,979 2,101 3,916 7,917 10,990 Outstanding Balance 3,687 867,569 627,627 792,797 852,262 879,522 867,018 1,638,458 1,865,052 Issue 443 133,185 344,629 247,378 10,919 42,016 5,851 5,577 928 Discount Allowed 57 10,027 45,797 27,553 790 3,049 450 433 72 Discharged - 443 - - 145,780 452,434 175,141 344,629 247,378 Discount Paid - 57 - - 18,615 58,892 22,880 45,797 27,553 Outstanding Balance 443 4,133,139 3,253,427 3,500,805 2,291,093 1,880,674 1,711,385 1,372,333 1,125,883 3 Months Treasury Bills 6 Months Treasury Bills 12 Months Treasury Bills Source: Domestic Markets & Monetary Management Department SBP Note: Six months Government of Pakistan Treasury Bills restarted w. e. f. June 1998 and 3- & 12-Months Government of Pakistan Treasury Bills restarted w.e.f July 1998. 124
2. 6 .2 Sale / Purchase of Treasury Bills under Open Market Operation by SBP with Banks SALE (Billion Rupees) 2016-17 PERIODS 2017-18 Bid Amount Bid Amount Offered Accepted July August 2018-19 2019-20 Bid Amount Offered Accepted 2020-21 Bid Amount Offered Accepted Bid Amount Offered Accepted Offered Accepted - - - - 1,330.5 1,272.5 310.8 308.8 - - 138.0 109.0 - - 894.3 894.3 - - 68.0 47.5 September - - 63.0 38.0 235.3 235.3 - - 88.0 88.0 179.7 95.5 113.8 105.0 2,478.3 2,225.7 935.1 824.1 57.4 57.4 November - - 91.5 84.5 6,659.7 6,630.6 - - 15.3 15.3 December 178.7 150.0 - - 2,319.5 2,319.5 - - - - October January - - 343.0 305.1 9,265.4 8,929.1 11.2 11.2 - - 59.0 20.9 - - 5,226.9 5,200.8 - - 244.1 147.0 March - - 786.8 641.5 3,359.3 3,354.3 38.5 35.0 - - April - - 165.9 123.3 3,257.3 3,163.8 598.1 392.3 February May - - 136.5 100.0 5,781.2 5,777.6 - - June 51.6 40.0 - - 111.0 105.0 - - 50.6 34.6 141.7 116.4 3,409.9 3,342.4 172.1 142.8 59.1 39.5 1.7 1.2 4.7 3.9 113.7 111.4 5.74 4.76 1.97 1.32 Average per month per day PURCHASE 2016-17 PERIODS Amount 2017-18 2018-19 Amount 2019-20 Amount Amount 2020-21 Amount Offered Injected Offered Injected Offered Injected Offered Injected Offered Injected July 6,965.6 6,655.1 6,181.3 5,797.7 3,608.3 2,906.8 4,687.7 4,374.4 4,337.1 4,062.4 August 3,951.0 3,873.5 6,066.4 5,940.3 8,370.5 8,249.2 8,269.7 7,999.3 5,966.4 5,802.4 September 6,206.9 5,870.9 7,881.6 7,733.5 1,959.3 1,670.0 7,450.5 7,317.3 4,009.5 3,938.6 October 4,024.4 3,960.4 6,245.0 5,968.4 99.5 71.0 5,288.7 5,241.3 3,513.1 3,312.3 November 3,242.3 3,096.9 6,454.0 6,252.5 - - 3,423.6 3,123.3 3,947.7 3,895.7 December 4,551.0 4,234.6 8,943.3 8,590.5 6,569.7 5,555.1 4,196.8 3,954.6 3,784.9 3,620.8 January 4,099.7 3,878.5 4,612.4 4,390.3 - - 4,528.5 4,345.5 5,367.4 5,126.3 February 4,127.9 3,953.7 5,946.7 5,522.7 3,257.4 3,066.0 3,769.0 3,508.9 4,849.6 4,849.6 March 5,537.5 5,373.8 4,140.8 3,906.9 563.7 484.0 5,049.1 5,023.6 5,772.2 5,553.9 April 5,270.7 5,195.4 3,523.0 3,105.1 548.5 442.0 5,087.5 5,042.0 May 5,374.6 5,278.7 3,198.2 2,741.0 1,535.2 1,464.4 5,568.1 5,458.1 June 7,385.0 7,049.8 7,129.4 6,586.2 3,977.5 3,399.7 5,508.8 5,264.1 5,061.4 4,868.4 5,860.2 5,544.6 2,540.8 2,275.7 5,235.6 5,054.3 4,616.4 4,462.4 168.7 162.3 195.3 184.8 84.7 75.9 174.5 168.5 153.9 148.7 Average per month per day Source: Domestic Markets & Monetary Management Department, SBP 125
3. 6 .3 SBP Overnight Repo/ Reverse Repo Facilities Cash Accommodation 2016-17 2017-18 2018-19 (Million Rupees) 2020-21 2019-20 PERIODS SBP Overnight Reverse Repo (Ceiling) SBP Overnight Repo (Floor) SBP Overnight Reverse Repo (Ceiling) SBP Overnight Repo (Floor) SBP Overnight Reverse Repo (Ceiling) SBP Overnight Repo (Floor) SBP Overnight Reverse Repo (Ceiling) SBP SBP SBP Overnight Overnight Overnight Repo Reverse Repo (Floor) Repo (Floor) (Ceiling) July August September October November December January February March April May June 164,950 269,000 70,500 28,100 800 36,650 110,100 11,600 39,100 45,000 25,000 134,850 6,650 5,200 6,000 25,650 11,700 33,900 22,800 61,800 173,000 18,650 7,800 37,200 40,800 67,000 45,900 150,400 12,400 47,000 95,000 92,900 242,500 3,500 13,500 38,500 12,400 47,800 63,800 - 167,100 46,900 277,900 265,300 54,600 276,800 49,900 109,400 57,275 692,600 205,100 257,000 107,000 39,500 82,500 162,000 4,700 16,150 201,900 115,200 104,200 99,550 186,000 167,150 76,400 25,400 44,400 77,750 47,300 50,900 56,700 114,850 89,900 355,750 93,400 214,450 29,700 30,600 51,100 30,000 70,500 107,300 205,500 32,900 154,700 25,300 20,500 11,000 73,500 30,325 75,800 32,100 77,500 169,250 34,500 58,900 78,500 30,500 72,000 142,800 Average per month per day 77,971 2,599 30,446 1,015 69,908 2,330 14,958 499 204,990 6,833 69,429 2,314 86,358 2,879 99,025 3,301 50,681 1,689 82,994 2,766 SBP Overnight Repo/ Reverse Repo Rates 2016-17 PERIODS July August September October November December January February March April May June SBP Reverse Repo Rate1 (Ceiling) 6.25 6.25 6.25 6.25 6.25 6.25 6.25 6.25 6.25 6.25 6.25 6.25 2017-18 SBP Repo Rate2 (Floor) 4.25 4.25 4.25 4.25 4.25 4.25 4.25 4.25 4.25 4.25 4.25 4.25 SBP Reverse Repo Rate1 (Ceiling) 6.25 6.25 6.25 6.25 6.25 6.25 6.50 6.50 6.50 6.50 7.00 7.00 2018-19 SBP Repo Rate2 (Floor) SBP Reverse Repo Rate1 (Ceiling) 4.25 4.25 4.25 4.25 4.25 4.25 4.50 4.50 4.50 4.50 5.00 5.00 8.00 8.00 8.00 9.00 9.00 10.50 10.50 10.75 10.75 11.25 12.75 12.75 (Percent per annum) 2020-21 2019-20 SBP Repo Rate2 (Floor) 6.00 6.00 6.00 7.00 7.00 8.50 8.50 8.75 8.75 9.25 10.75 10.75 SBP Reverse Repo Rate1 (Ceiling) 13.75 13.75 13.75 13.75 13.75 13.75 13.75 13.75 12.00 10.00 9.00 8.00 SBP Repo Rate2 (Floor) 11.75 11.75 11.75 11.75 11.75 11.75 11.75 11.75 10.00 8.00 7.00 6.00 SBP Reverse Repo Rate1 (Ceiling) SBP Repo Rate2 (Floor) 8.00 8.00 8.00 8.00 8.00 8.00 8.00 8.00 8.00 6.00 6.00 6.00 6.00 6.00 6.00 6.00 6.00 6.00 Source: Domestic Markets & Monetary Management Department, SBP NOTE: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. 126
4. 6 .4 Auction of Government of Pakistan Market Treasury Bills (Million Rupees) AUCTION SETTLEMENT DATE 3 Months Treasury Bills 6 Months Treasury Bills 12 Months Treasury Bills Cut-off Weighted Cut-off Weighted Cut-off Weighted Amount Amount Amount Amount Amount Amount Yield Average Yield Average Yield Average Offered Accepted Offered Accepted Offered Accepted (%) (%) (%) (%) (%) (%) 2020 12-Mar-20 26-Mar-20 483,840 350,730 155,683 12.7288 255,168 11.2985 12.6887 369,046 11.2174 218,321 115,622 12.5050 160,821 11.2989 12.4788 833,222 11.1895 811,419 105,454 12.0000 160,821 10.8699 11.9786 10.6706 09-Apr-20 23-Apr-20 519,651 487,233 208,731 10.8995 195,850 8.3996 10.8049 605,554 8.2140 438,276 161,455 10.3000 145,926 7.9997 10.2570 876,379 7.8829 594,246 176,145 9.6490 162,588 7.4750 9.5674 7.3216 07-May-20 21-May-20 287,470 375,462 151,220 78,450 8.3879 8.1496 8.0931 244,376 8.1207 274,862 157,876 54,736 7.9997 7.8050 7.8447 169,276 7.7465 510,466 109,276 7.7500 92,075 7.7499 7.4292 7.6795 04-Jun-20 18-Jun-20 285,925 167,250 44,875 10,673 8.1298 7.7999 8.0377 153,504 7.6897 208,148 34,504 18,163 7.9757 7.4847 7.8170 390,256 7.4786 203,263 93,152 7.7101 50,060 7.3600 7.6898 7.2892 02-Jul-20 16-Jul-20 30-Jul-20 290,673 183,140 256,431 32,952 112,502 72,039 6.8488 6.5598 6.9501 6.8488 161,923 6.4267 163,931 6.8734 184,554 4,768 68,881 52,204 6.6599 6.5700 7.0995 6.6599 155,925 6.4666 150,010 7.0134 222,463 16,150 6.8500 87,210 6.6001 55,463 7.1400 6.8500 6.5475 7.1054 13-Aug-20 27-Aug-20 326,400 379,048 91,956 273,548 6.9900 7.1498 6.9833 203,654 7.0916 364,556 20,654 209,206 7.1800 7.1800 7.1449 152,748 7.1551 281,054 548 7.1500 65,054 7.3000 7.1500 7.2562 10-Sep-20 24-Sep-20 502,405 530,899 209,087 153,799 7.1399 7.1292 7.1161 238,932 7.0983 244,536 121,432 196,961 7.1800 7.1800 7.1724 126,594 7.1686 188,789 33,094 7.3000 169,789 7.3090 7.2944 7.2977 08-Oct-20 22-Oct-20 599,261 581,384 544,611 374,216 7.1898 7.1750 7.1178 150,827 7.1580 34,684 109,827 19,684 7.2189 7.2000 7.1854 7.2000 67,333 658 30,833 7.2990 * * 7.2753 * 05-Nov-20 19-Nov-20 618,863 543,471 309,060 351,501 7.1597 7.1525 7.1477 7.1402 50,165 7,128 23,165 3,128 7.2000 7.1998 7.1997 7.1959 20,257 9,452 2,257 7.2900 9,452 7.2498 7.2900 7.2498 03-Dec-20 17-Dec-20 31-Dec-20 2021 14-Jan-21 28-Jan-21 693,259 778,711 651,321 341,776 379,713 619,571 7.1408 7.1202 7.1498 7.1338 7.1138 7.1090 62,354 44,018 19,182 52,354 24,018 9,182 7.1849 7.1701 7.2000 7.1849 7.1693 7.1911 30,501 23,530 21,034 10,501 7.2989 13,530 7.2400 21,034 7.2900 7.2989 7.2400 7.2877 699,033 736,527 574,783 388,564 7.1691 7.1597 7.1386 26,271 7.1517 111,751 5,771 102,751 7.2002 7.4900 7.1902 7.4001 2,237 22,801 * * 6,301 7.7989 * 7.7158 11-Feb-21 25-Feb-21 424,846 278,375 182,432 263,375 7.1799 7.2486 7.1623 780,541 7.1906 774,935 502,291 528,135 7.4900 7.5498 7.4650 103,610 7.4914 74,750 6,010 7.7989 * * 7.7908 * 632,175 554,175 1,562,798 1,155,465 7.5898 7.5398 7.3152 225,789 7.4298 491,547 160,289 394,247 7.8000 7.8000 7.6678 7.7327 1,001 7.7900 * * 7.7900 * 11-Mar-21 25-Mar-21 57,001 69,319 Source: Domestic Markets & Monetary Management Department, SBP * = Bids Rejected **= No Bids Received 127
5. 6 .5 Auction of Pakistan Investment Bonds (PIBs) Fixed Rate (Face Value) Auction Settlement Date Tenure Coupon Rate (%) Amount Offered Amount Accepted Price Accepted = Rs.100 Cut-off Yield Accepted (%) (Million Rupees) Weighted Average Yield Accepted (%) 22-Jul-20 3-Years 5-Years 10-Years 15-Years 20-Years 9.00 9.50 10.00 10.50 11.00 128,500.00 84,451.00 36,028.00 10,000.00 5,000.00 98,188.00 57,741.00 29,943.00 10,000.00 5,000.00 103.1834 103.8810 106.1905 105.7695 104.9119 7.3700 8.3700 8.9900 9.7500 10.4000 7.2359 8.2139 8.8570 9.7020 10.3400 20-Aug-20 3-Years 5-Years 10-Years 15-Years 20-Years 7.00 9.50 10.00 10.50 11.00 41,215.00 33,688.00 11,205.00 12,000.00 10,000.00 22,461.60 334.00 55.00 12,000.00 10,000.00 96.8649 103.5486 106.1645 103.9327 103.6463 8.2000 8.4500 8.9900 9.9800 10.5500 8.1911 8.4473 8.9445 9.9125 10.4270 17-Sep-20 3-Years 5-Years 10-Years 15-Years 20-Years 7.00 9.50 10.00 10.50 11.00 28,715.00 24,783.50 13,299.00 5,000.00 5,000.00 2,330.00 112.50 2.00 1,000.00 96.9264 103.5050 106.1445 103.6612 8.2000 8.4500 8.9900 10.5498 8.2000 8.4488 8.9900 10.5498 15-Oct-20 3-Years 5-Years 10-Years 15-Years 20-Years 7.00 7.50 10.00 10.50 11.00 6,700.00 12,500.00 17,600.00 12,000.00 9,000.00 50.00 * * 8,000.00 5,000.00 96.8936 * * 103.7849 103.6405 8.2400 * * 10.0000 10.5498 8.2400 * * 9.9900 10.5498 12-Nov-20 3-Years 5-Years 10-Years 15-Years 20-Years 7.00 7.50 10.00 10.50 11.00 9,150.00 19,250.00 20,050.00 4,000.00 9,561.00 2,490.00 * * 4,000.00 9,561.00 96.9647 * * 103.9158 103.6235 8.2400 * * 9.9800 10.5498 8.2400 * * 9.9800 10.5206 10-Dec-20 3-Years 5-Years 10-Years 15-Years 20-Years 7.00 7.50 8.00 10.50 11.00 16,250.00 22,000.00 10,500.00 9,548.50 8,000.00 2,271.50 * * 3,000.00 8,000.00 97.0395 * * 103.7403 103.3616 8.2400 * * 10.0000 10.5800 8.2400 * * 10.0000 10.5624 7-Jan-21 3-Years 5-Years 10-Years 15-Years 20-Years 30-Years 7.00 7.50 8.00 10.50 11.00 11.00 11,950.00 21,500.00 11,500.00 2,000.00 2,000.00 - 8,830.00 20,500.00 6,000.00 * * * 96.5294 92.3416 87.6388 * * * 8.4999 9.5298 9.9900 * * * 8.4070 9.4499 9.9200 * * * 4-Feb-21 3-Years 5-Years 10-Years 15-Years 20-Years 30-Years 7.00 7.50 8.00 10.50 11.00 11.00 19,950.00 148,312.50 87,430.40 * 1,500.00 * 11,265.00 22,117.50 27,255.40 * 1,500.00 * 95.5500 92.2315 87.3487 * 103.3617 * 8.9934 9.5890 10.0500 * 10.5800 * 8.9083 9.5317 9.9927 * 10.5400 * 4-Mar-21 3-Years 5-Years 10-Years 15-Years 20-Years 30-Years 7.00 7.50 8.00 10.50 11.00 11.00 42,751.00 52,900.70 35,000.00 * * * 28,854.00 35,910.70 20,150.00 * * * 94.7973 91.2614 86.0765 * * * 9.4100 9.9000 10.2890 * * * 9.3343 9.8296 10.2140 * * * *= Bid Rejected Source: Domestic Markets & Monetary Management Department, SBP 128
6. 6 .6 Auction of Pakistan Investment Bonds (PIBs) (Million Rupees) Floating Rate Quarterly With Quarterly Refixing (Face Value) Floating Rate Semi-Annual (Face Value) Auction Settlement Date 5-Nov-20 19-Nov-20 03-Dec-20 17-Dec-20 31-Dec-20 14-Jan-21 28-Jan-21 11-Feb-21 25-Feb-21 11-Mar-21 25-Mar-21 Tenure Amount Offered1 Amount Accepted2 Cutoff Price4 (bps) Floating Rate Quarterly With Fortnightly Refixing (Face Value) Amount Amount Offered1 Accepted2 Cutoff Margin3 (bps) 02-Year 03- Year 05- Year 10- Year ** ** 2,500.00 ** ** * ** ** * 42,125.00 43,100.00 42,000.00 38,815.00 36,100.00 40,500.00 99.2067 97.9884 95.2510 02-Year 03- Year 05- Year 10- Year 500.00 ** 3,000.00 * ** * * ** * 20,950.00 35,000.00 33,500.00 7,583.00 30,900.00 25,500.00 99.2144 97.9997 95.2616 02-Year 03- Year 05- Year 10- Year ** ** ** ** ** ** ** ** ** 12,900.00 8,000.00 8,500.00 8,695.00 6,000.00 8,500.00 99.2230 98.0119 95.2731 02-Year 03- Year 05- Year 10- Year ** ** ** ** ** ** ** ** ** 14,750.00 2,000.00 7,000.00 15,025.00 * 7,042.20 99.2323 * 95.2853 02-Year 03- Year 05- Year 10- Year 3,000.00 ** ** 3,000.00 ** ** 98.8132 ** ** 11,000.00 2,000.00 1,000.00 10,666.50 * * 98.9923 * * 02-Year 03- Year 05- Year 10- Year ** ** ** ** ** ** ** ** ** 8,858.50 ** 10,000.00 7,090.00 ** * 99.0065 ** * 02-Year 03- Year 05- Year 10- Year ** ** ** ** ** ** ** ** ** 30,750.00 ** 11,000.00 26,021.00 ** * 99.0216 ** * 02-Year 03- Year 05- Year 10- Year ** 14,000.00 ** ** * ** ** * ** 3,000.00 ** ** * ** ** * ** ** 02-Year 03- Year 05- Year 10- Year ** 5,000.00 ** ** * ** ** * ** 4,500.00 ** ** * ** ** * ** ** 15,000.00 * * 3,000.00 * * 02-Year 03- Year 05- Year 10- Year 02-Year 03- Year 05- Year 10- Year 11,500.00 11,500.00 * * Amount Offered1 Amount Accepted2 Cutoff Margin3 (bps) 29,875.00 5,150.00 99.6312 7,500.00 306.70 99.6356 2,350.00 600.00 99.6408 1,600.00 1,150.00 99.6467 ** ** ** ** ** ** ** ** ** ** ** ** 50,000.00 50,650.00 99.5239 25,750.00 26,220.00 99.5333 2,950.00 2,205.00 99.5434 * * *= Bid Rejected **= No Bids Received Source: Domestic Markets & Monetary Management Department, SBP 1-Amount offered only includes Competitive bids. 2-Amount accepted also includes Non-Competitive bids and Short selling. Securities will be issued at Face Value (Rs. 100) 3-This cut-off margin will be applicable to all accepted bids. 4-This cut-off Price will be applicable to all accepted bids. 129
7. 6 .7 KIBOR (Percent per annum) PERIODS 1 Week Bid 2020 Feb Month Average Offer 2 Weeks Bid 1Month 3 Months 6 Months 9 Months Offer Bid Offer Bid Offer Bid Offer Bid Offer 12 Months Bid Offer 13.06 13.56 13.10 13.60 13.14 13.64 13.27 13.52 13.24 13.49 13.15 13.65 13.13 13.63 End-Month 13.06 13.56 13.10 13.60 13.14 13.64 13.21 13.46 13.20 13.45 13.13 13.63 13.06 13.56 Mar Month Average 12.35 12.85 12.32 12.82 12.25 12.75 12.20 12.45 12.09 12.34 11.82 12.32 11.69 12.19 End-Month 10.86 11.36 10.90 11.40 10.92 11.42 10.97 11.22 10.91 11.16 10.57 11.07 10.41 10.91 Apr Month Average 9.96 10.46 9.96 10.46 9.89 10.39 9.59 9.84 9.24 9.49 8.90 9.40 8.73 9.23 End-Month 8.78 9.28 8.72 9.22 8.59 9.09 7.92 8.17 7.44 7.69 7.14 7.64 6.99 7.49 May Month Average 8.43 8.93 8.37 8.87 8.23 8.73 7.96 8.21 7.73 7.98 7.48 7.98 7.40 7.90 End-Month 7.88 8.38 7.89 8.39 7.86 8.36 7.90 8.15 7.63 7.88 7.51 8.01 7.47 7.97 Jun Month Average 7.77 8.27 7.76 8.26 7.71 8.21 7.71 7.96 7.52 7.77 7.35 7.85 7.30 7.80 End-Month 6.95 7.45 6.95 7.45 6.94 7.44 7.01 7.26 6.99 7.24 6.89 7.39 6.85 7.35 Month Average 6.85 7.35 6.83 7.33 6.72 7.22 6.57 6.82 6.54 6.79 6.50 7.00 6.49 6.99 End-Month 6.88 7.38 6.87 7.37 6.82 7.32 6.82 7.07 6.84 7.09 6.80 7.30 6.80 7.30 Aug Month Average 6.86 7.36 6.86 7.36 6.86 7.36 6.91 7.16 6.95 7.20 6.96 7.46 6.97 7.47 End-Month 6.89 7.39 6.90 7.40 6.90 7.40 6.96 7.21 7.00 7.25 7.01 7.51 7.01 7.51 Sep Month Average 6.84 7.34 6.87 7.37 6.91 7.41 7.00 7.25 7.04 7.29 7.06 7.56 7.07 7.57 End-Month 6.88 7.38 6.89 7.39 6.92 7.42 7.00 7.25 7.05 7.30 7.08 7.58 7.08 7.58 Oct Month Average 6.83 7.33 6.87 7.37 6.91 7.41 7.04 7.29 7.09 7.34 7.12 7.62 7.15 7.65 End-Month 6.89 7.39 6.91 7.41 6.91 7.41 7.04 7.29 7.10 7.35 7.14 7.64 7.18 7.68 Nov Month Average 6.85 7.35 6.88 7.38 6.91 7.41 7.05 7.30 7.10 7.35 7.15 7.65 7.19 7.69 End-Month 6.85 7.35 6.89 7.39 6.92 7.42 7.05 7.30 7.10 7.35 7.14 7.64 7.19 7.69 Dec Month Average 6.86 7.36 6.90 7.40 6.92 7.42 7.05 7.30 7.10 7.35 7.14 7.64 7.18 7.68 End-Month 6.88 7.38 6.90 7.40 6.95 7.45 7.04 7.29 7.10 7.35 7.13 7.63 7.17 7.67 Jul 2021 Jan Month Average 6.89 7.39 6.90 7.40 6.95 7.45 7.06 7.31 7.12 7.37 7.17 7.67 7.22 7.72 End-Month 6.90 7.40 6.92 7.42 6.99 7.49 7.09 7.34 7.31 7.56 7.41 7.91 7.47 7.97 Feb Month Average 6.85 7.35 6.89 7.39 6.95 7.45 7.10 7.35 7.32 7.57 7.45 7.95 7.51 8.01 End-Month 6.86 7.36 6.90 7.40 6.96 7.46 7.14 7.39 7.40 7.65 7.49 7.99 7.54 8.04 Mar Month Average 6.88 7.38 6.93 7.43 7.00 7.50 7.26 7.51 7.54 7.79 7.61 8.11 7.66 8.16 End-Month 6.93 7.43 6.96 7.46 7.01 7.51 7.34 7.59 7.63 7.88 7.69 8.19 7.75 8.25 KIBOR :Karachi Interbank Offered Rate Source: Reuters Archive Link: http://www.sbp.org.pk/ecodata/kibor_index.asp 130
8. 6 .8 Inter-Bank Weighted Average Call Rates ( Per Annum) PERIODS 2020 2021 Overnight 1 Week 2 Weeks 1 Month 3 Months 6 Months Jan 12.65 10.46 12.81 12.30 12.65 12.50 Feb 12.67 12.31 10.93 12.67 12.70 12.74 Mar 10.20 8.99 10.77 10.88 10.81 11.95 Apr 9.13 8.23 8.64 8.25 9.38 - May 8.28 7.96 7.47 8.12 7.50 - Jun 7.97 7.76 8.07 7.63 - 7.15 Jul 6.70 6.38 6.07 6.33 6.37 6.30 Aug 6.81 6.69 6.83 - 6.86 6.75 Sep 7.01 6.81 6.59 6.72 - 6.82 Oct 6.93 6.34 6.91 .. 6.62 - Nov 7.34 7.10 - - - - Dec 7.25 7.23 7.25 7.59 7.35 - Jan 7.16 7.20 7.20 - - 7.35 Feb 7.27 7.56 7.28 7.50 - - Mar 7.19 7.40 7.15 7.47 8.00 - Source: Domestic Markets & Monetary Management Department, SBP Note: Weighted Average Call Rates of all the call deals executed during the month. 131
9. 6 .9 SBP Mark to Market Rates Major Currencies US Dollar Euro Japanese Yen UK Pound Sterling Date Ready 1Week 1 Month Ready 1Week 1 Month 01-Mar-21 158.0367 158.2591 159.0223 190.4896 190.7859 191.8321 1.4809 1.4830 1.4907 220.4612 220.7771 221.8839 02-Mar-21 157.8451 158.0600 158.8202 189.5641 189.8491 190.8805 1.4771 1.4792 1.4868 219.1838 219.4871 220.5789 03-Mar-21 157.1341 157.3445 158.1522 189.7473 190.0270 191.1146 1.4701 1.4722 1.4801 219.4928 219.7887 220.9466 04-Mar-21 157.1554 157.3664 158.1427 189.2466 189.5261 190.5706 1.4648 1.4669 1.4746 219.0432 219.3399 220.4528 05-Mar-21 157.1233 157.3370 158.0881 187.4010 187.6812 188.6867 1.4487 1.4508 1.4582 217.4037 217.7021 218.7732 08-Mar-21 157.0754 157.2907 158.0393 186.5663 186.8472 187.8536 1.4474 1.4494 1.4568 217.1018 217.4023 218.4699 09-Mar-21 157.0386 157.2569 158.0040 186.8289 187.1140 188.1148 1.4462 1.4483 1.4556 218.1974 218.5037 219.5739 10-Mar-21 157.1257 157.3439 158.1600 186.9638 187.2491 188.3282 1.4456 1.4476 1.4556 218.3261 218.6326 219.7991 11-Mar-21 157.0859 157.3027 158.0981 187.9376 188.2225 189.2837 1.4487 1.4507 1.4585 219.0877 219.3933 220.5378 12-Mar-21 157.1388 157.3576 158.1033 187.5609 187.8470 188.8454 1.4404 1.4425 1.4497 219.0829 219.3905 220.4633 15-Mar-21 156.9973 157.2097 157.9795 187.3056 187.5837 188.6171 1.4395 1.4415 1.4490 218.8385 219.1370 220.2435 16-Mar-21 156.7158 156.9598 157.6805 186.8836 187.1996 188.1683 1.4347 1.4370 1.4440 216.5499 216.8895 217.9179 17-Mar-21 155.7438 155.9507 156.7384 185.3897 185.6610 186.7056 1.4271 1.4290 1.4367 216.5073 216.7973 217.9268 18-Mar-21 155.4510 155.6541 156.3996 185.7251 185.9924 186.9880 1.4252 1.4271 1.4343 217.1029 217.3886 218.4610 19-Mar-21 155.9724 156.1703 156.8858 185.8880 186.1486 187.1063 1.4352 1.4370 1.4440 217.4802 217.7583 218.7860 22-Mar-21 155.8528 156.0485 156.7450 185.5116 185.7698 186.7119 1.4342 1.4361 1.4429 216.1366 216.4108 217.4069 24-Mar-21 155.3946 155.5980 156.3533 183.8163 184.1109 185.0818 1.4306 1.4326 1.4398 213.0538 213.3510 214.3984 25-Mar-21 155.0115 155.2191 155.9623 182.9911 183.2757 184.2394 1.4201 1.4222 1.4293 212.1022 212.4013 213.4305 26-Mar-21 154.5867 154.7960 155.5162 182.0876 182.3661 183.3051 1.4125 1.4145 1.4214 212.9586 213.2578 214.2623 29-Mar-21 154.0379 154.2542 154.9727 181.2487 181.5351 182.4684 1.4048 1.4069 1.4138 212.7879 213.1002 214.1083 30-Mar-21 153.0921 153.3115 154.0377 179.8373 180.1231 181.0728 1.3885 1.3906 1.3976 210.8538 211.1638 212.1839 31-Mar-21 152.7586 152.9650 153.6582 179.4073 179.6756 180.5768 1.3816 1.3836 1.3902 210.4021 210.6910 211.6622 132 Ready 1Week 1 Month Ready 1Week 1 Month
10. 6 .9 SBP Mark to Market Rates Major Currencies Swiss Frank Date Ready 1Week 01-Mar-21 173.5428 173.8182 02-Mar-21 171.9446 03-Mar-21 Australian Dollar 1 Month Ready 1Week Saudi Arabian Riyal 1 Month 1 Month Kuwaiti Dinar Ready 1Week Ready 1Week 1 Month 174.7938 122.4231 122.5985 123.2046 42.1364 42.1944 42.3960 522.0558 522.7355 524.9705 172.2098 173.1698 122.3458 122.5173 123.1183 42.0842 42.1406 42.3408 521.2000 521.8541 524.1149 171.4035 171.6639 172.6685 122.9732 123.1425 123.7948 41.8924 41.9473 42.1616 519.1431 519.7864 522.2270 04-Mar-21 170.2567 170.5154 171.4762 122.5577 122.7254 123.3473 41.8914 41.9481 42.1545 519.2306 519.8730 522.1785 05-Mar-21 169.0953 169.3550 170.2832 120.5136 120.6810 121.2766 41.8828 41.9409 42.1400 518.4223 519.0738 521.3115 08-Mar-21 168.0850 168.3451 169.2761 120.3355 120.5041 121.0986 41.8689 41.9271 42.1281 518.4520 519.1089 521.3335 09-Mar-21 168.1536 168.4175 169.3430 120.9355 121.1073 121.7028 41.8591 41.9178 42.1187 518.7083 519.3744 521.5984 10-Mar-21 169.1888 169.4550 170.4568 121.0653 121.2372 121.8864 41.8868 41.9448 42.1631 518.8072 519.4628 521.8733 11-Mar-21 169.6575 169.9231 170.9071 122.1971 122.3680 123.0014 41.8818 41.9387 42.1499 519.4297 520.0907 522.4397 12-Mar-21 168.9392 169.2048 170.1307 121.7511 121.9229 122.5151 41.8959 41.9534 42.1508 519.3127 519.9691 522.1009 15-Mar-21 168.8143 169.0730 170.0348 121.7671 121.9336 122.5438 41.8592 41.9150 42.1195 519.5144 520.1478 522.3587 16-Mar-21 168.9294 169.2230 170.1281 120.9846 121.1764 121.7525 41.7853 41.8495 42.0408 518.9273 519.6659 521.7074 17-Mar-21 168.1263 168.3806 169.3558 120.3277 120.4906 121.1163 41.5273 41.5816 41.7908 515.8618 516.4543 518.7229 18-Mar-21 168.1824 168.4327 169.3614 121.3917 121.5528 122.1501 41.4492 41.5025 41.6993 514.9781 515.5620 517.6793 19-Mar-21 168.2097 168.4530 169.3464 121.1360 121.2925 121.8626 41.5860 41.6371 41.8256 516.4140 516.9768 519.0039 22-Mar-21 167.9539 168.1948 169.0752 120.3651 120.5196 121.0738 41.5552 41.6057 41.7892 515.8477 516.4042 518.3712 24-Mar-21 166.0554 166.3316 167.2291 118.3175 118.4813 119.0654 41.4364 41.4886 41.6864 514.2972 514.8756 517.0414 25-Mar-21 165.3720 165.6371 166.5329 117.8087 117.9726 118.5468 41.3331 41.3865 41.5833 512.9443 513.5370 515.6630 26-Mar-21 164.2094 164.4669 165.3383 117.7641 117.9291 118.4878 41.2198 41.2737 41.4644 511.6224 512.2217 514.2732 29-Mar-21 164.1145 164.3815 165.2503 117.5309 117.7023 118.2626 41.0735 41.1292 41.3194 509.6382 510.2601 512.3150 30-Mar-21 162.4923 162.7586 163.6423 116.9011 117.0734 117.6411 40.8202 40.8768 41.0691 506.5588 507.1923 509.2745 31-Mar-21 162.1383 162.3882 163.2266 116.3639 116.5254 117.0657 40.7313 40.7844 40.9690 505.2881 505.8786 507.8519 Source: Domestic Markets & Monetary Management Department, SBP Archive Link: http://www.sbp.org.pk/ecodata/rates/m2m/M2M-History.asp 133
11. 6 .10 Secondary Market Transactions in Government Securities (Billion Rupees) SECURITIES / TRANSACTIONS 2020 2021 Mar Apr May Jun Jul Aug Sep Oct Nov Dec* Jan* Feb* Mar* 2,364.3 2,511.3 2,342.0 2,761.6 2,701.1 3,789.2 3,390.0 2,824.9 4,321.2 1,582.8 1,922.5 1,563.8 1,483.0 14.8 7.2 15.4 33.6 37.7 21.7 7.8 7.7 15.6 9.0 15.7 7.7 4.2 outright 144.6 73.0 59.8 98.5 335.7 396.7 396.2 613.1 631.4 505.3 522.8 438.4 280.0 Repo 298.3 316.4 389.8 357.1 421.4 461.5 421.3 417.1 381.1 442.8 651.9 525.3 589.7 PIBs Purchases Repo Non-Banks Banks/PDs outright SBP Repo Sales Repo 661.3 490.5 266.1 444.1 686.0 761.7 987.5 1,010.7 873.6 625.7 732.1 592.3 609.1 1,245.3 1,624.2 1,610.9 1,828.3 1,220.3 2,147.6 1,577.2 776.3 2,419.5 … … … - 2,364.3 2,511.3 2,342.0 2,761.6 2,701.1 3,789.2 3,390.0 2,824.9 4,321.2 1,582.8 1,922.5 1,563.8 1,483.0 61.6 127.8 148.4 120.6 122.9 110.2 170.9 139.1 157.1 251.7 262.9 227.6 361.9 Non-Banks outright Repo 163.2 184.7 35.5 96.7 210.2 377.9 375.9 562.9 640.0 512.3 491.5 420.0 272.2 1,496.9 1,820.0 1,867.6 2,098.3 1,556.5 2,520.6 1,835.3 1,062.0 2,659.1 200.1 404.6 305.5 232.0 642.7 378.8 290.4 445.8 811.5 780.5 1,007.8 1,060.9 865.0 618.6 763.4 610.7 616.9 - - - - - - - - - - - - - - - - - - - - - - - - - - 9,323.8 8,644.6 7,393.2 7,407.4 7,427.3 7,512.4 6,479.8 4,590.6 5,204.4 5,061.7 4,132.7 4,287.8 4,542.5 157.0 48.1 36.7 89.0 109.9 59.5 68.9 109.1 110.4 111.9 93.2 48.5 38.1 Banks/PDs outright SBP Repo Net Position Treasury Bills Purchases Non-Banks Repo 526.9 647.3 389.8 347.2 829.6 611.3 593.4 698.4 753.6 906.8 996.1 913.0 884.8 Repo 2,652.1 2,703.7 2,170.7 2,550.2 2,589.0 2,067.8 1,907.6 2,062.5 1,870.9 2,307.5 2,029.4 1,667.6 1,809.3 outright 2,250.6 1,770.9 1,256.8 895.4 1,023.6 880.4 1,523.2 859.0 982.3 1,735.5 1,014.1 1,658.8 1,810.3 Repo 3,737.2 3,474.5 3,539.2 3,525.7 2,875.0 3,893.5 2,386.6 861.6 1,487.2 - - - - 9,323.8 8,644.6 7,393.2 7,407.4 7,427.3 7,512.4 6,479.8 4,590.6 5,204.4 5,061.7 4,132.7 4,287.8 4,542.5 147.3 94.1 66.5 97.3 98.3 52.9 77.8 61.3 53.7 65.6 65.0 115.5 187.8 770.8 433.2 317.3 418.4 496.6 437.4 607.3 339.3 580.1 1,111.5 544.3 765.5 1,155.6 Repo 6,369.0 5,669.5 5,572.9 5,862.0 5,475.7 5,967.8 4,285.3 2,971.9 3,414.8 2,353.7 2,057.5 1,600.6 1,659.7 outright 2,006.7 1,985.1 1,329.3 824.2 1,356.7 1,054.3 1,509.3 1,218.1 1,155.8 1,530.8 1,465.8 1,806.3 1,539.4 30.0 462.8 107.3 205.5 - - - - - - - - - - - - - - - - - - - - - - outright Banks/PDs SBP Sales Non-Banks Repo outright Banks/PDs SBP Net Position Repo PDs: Primary Dealers Source: Domestic Markets & Monetary Management Department, SBP Note: *From December 2020, onwards table contains only secondary market data. SBP deals (primary market deals and monetary management activities) are not included. 134