Pakistan policy interest rate
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.
| Current value | 11.5 percent |
|---|---|
| In force from | 2026-04-28 |
| Official source | State Bank of Pakistan — Monetary Policy Statement, April 27, 2026 (MPC): "The Monetary Policy Committee (MPC) in its meeting today decided to increase the policy rate by 100 bps to 11.50 percent with effect from April 28, 2026" |
| Last verified | 2026-07-24 |
| Verification | primary — No verification limitation recorded — read from the official source cited. |
| Provenance | source fingerprint |
What this value means
CORRECTION TO THE BRIEF THAT COMMISSIONED THIS FILE: 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).
Earlier values
| From | Value | Source |
|---|---|---|
| 2025-05-06 | 11 | State Bank of Pakistan — Monetary Policy Statement, May 5, 2 |
| 2025-12-16 | 10.5 | State Bank of Pakistan — Monetary Policy Statement, December |
Get it programmatically
curl https://asiaref.dev/v1/pk/policy-rate
# $0.001 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: VAT rate · minimum wage · public holidays · inflation rate (CPI) · corporate tax rate · income tax rates