Pakistan SBP Policy (Target) Rate
Pakistan SBP Policy (Target) Rate is 11.5 percent, in force since 28 Apr 2026. It was 10.5 percent before that. Last checked against the official source on 7 Aug 2026.
The State Bank of Pakistan's policy (target) rate — the anchor of the interest rate corridor and the target for the overnight money market repo rate — set by the Monetary Policy Committee constituted under the SBP Act, 1956 (as amended by the SBP (Amendment) Act, 2022). The MPC meets on a pre-announced calendar, eight times per fiscal year.
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| Current value | 11.5 percent |
|---|---|
| In force from | 2026-04-28 |
| Official source | State Bank of Pakistan - Monetary Policy Statement, July 27, 2026: 'The Monetary Policy Committee (MPC) unanimously decided to keep the policy rate unchanged at 11.5 percent in its meeting held today.' URL WARNING: SBP rebuilt its website on 1 July 2026 and the old /press/<year>/Pr-DD-Mon-YYYY.pdf paths now return the press-release landing page as HTML with HTTP 200 rather than 404, so a stale citation looks alive while serving the wrong document. Current releases live under /assets/document/publications/. |
| Last verified | 2026-08-07 |
| Verification | primary — No verification limitation recorded — read from the official source cited. |
| Provenance | source fingerprint |
What this value means
A COMMON ASSUMPTION, CORRECTED: Pakistan did NOT remain in an easing cycle. The MPC RAISED the policy rate by 100bps on 27 Apr 2026 — the first hike since June 2023 — taking it from 10.50% to 11.50% with effect from 28 Apr 2026, because the Middle East conflict pushed global energy prices, freight charges and insurance premiums well above pre-conflict levels and the Committee judged inflation would 'increase and remain above the target range in the next few quarters'. HELD at 11.50% at the 15 Jun 2026 meeting (Monetary Policy Statement, 15 June 2026, https://www.sbp.org.pk/assets/documents/press-release/Pr-15-Jun-2026.pdf), which noted headline inflation had reached double digits (10.9% Apr, 11.7% May), core inflation 8.7% in May, provisional FY26 real GDP growth of 3.7%, and SBP FX reserves of $17.2bn as at 5 Jun 2026. Cycle history: peak 22.00% (Jun 2023 – Jun 2024), then 1,150bps of cuts to 10.50% (16 Dec 2025), then this hike. Corridor at confirmation: overnight reverse repo (ceiling) 12.50%, overnight repo (floor) 10.50% — i.e. ±100bps around the policy rate; do NOT confuse the corridor floor (10.50%) with the policy rate (11.50%). Medium-term inflation target: 5–7 percent. NEXT DECISION: 27 July 2026 — three days after this confirmation — per SBP's advance MPC calendar for FY27 (27 Jul 2026, 14 Sep 2026, 26 Oct 2026, 14 Dec 2026, 25 Jan 2027, 8 Mar 2027, 26 Apr 2027, 17 Jun 2027); re-check immediately. ACCESS TRAP: SBP launched a new website on 1 July 2026 and the OLD press-release URLs (sbp.org.pk/press/YYYY/Pr-DD-Mon-YYYY.pdf and sbp.org.pk/m_policy/...) now silently redirect to the press-release index page rather than 404 — a naive fetcher will appear to succeed while returning the wrong document. The live pattern is https://www.sbp.org.pk/assets/documents/press-release/Pr-DD-Mon-YYYY.pdf (note that some 2026 filenames are lower-case, e.g. pr-09-mar-2026.pdf). ACCESS (2026-08-07): the entire *.sbp.org.pk estate moved behind Cloudflare with the 1 July 2026 site replacement and 403s datacenter IPs outright (including our own infrastructure, with any user agent), while serving normally to residential connections — so automated re-confirmation from our infrastructure is impossible and this series is re-verified by hand/agent against the MPS PDF instead. Verified 2026-08-07 from the cited July 2026 MPS: policy rate held at 11.5%, unanimous. Next MPS per SBP calendar ~mid-September 2026.
Earlier values
| From | Value | Source |
|---|---|---|
| 2025-12-16 | 10.5 | State Bank of Pakistan — Monetary Policy Statement… |
| 2025-05-06 | 11 | State Bank of Pakistan — Monetary Policy Statement, May 5… |
Get it programmatically
curl https://asiaref.dev/v1/pk/policy-rate
# $0.005 per call — x402 on Base (USDC). No key, no signup.
# History: curl https://asiaref.dev/v1/pk/policy-rate/history?from=2020-01-01
# Provenance: curl https://asiaref.dev/provenance/pk/policy-rateOther Pakistan series: General Sales Tax (GST) · VAT registration threshold · Minimum wage (unskilled worker, monthly) · Public holidays · CPI inflation (year-on-year) · Corporate income tax rate · Withholding tax rates · Statutory late-payment interest · Personal income tax brackets · Statutory social-insurance contributions
The same figure elsewhere: Philippines · Qatar · Saudi Arabia · Singapore · South Korea · all 28