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Policy monitor

State Bank of Pakistan

A continuing view of Pakistan’s central bank, bringing policy-rate decisions, inflation signals, foreign-exchange reserves and banking measures into a single documented timeline.

54 reportsLatest 29 October 2026
A bank branch frontage on I.I. Chundrigar Road in Karachi, with the bank's name in English and Urdu across a white and red fascia, a 24-hour ATM sign beside the door and a motorbike parked at the kerb.

Latest development

29 October 2026
Newest report

SBP doubles minimum capital for local banks to Rs20 billion with a 2030 deadline

The State Bank of Pakistan has doubled the minimum capital requirement for local banks to Rs20 billion, giving banks and finance institutions until December 2030 to comply.

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The reporting trail

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A wide stone office building in Washington, D.C. with tall vertical windows between projecting piers, seen across a paved plaza with trees and street lamps.International — World / International — World

Fed holds rates as two governors dissent for a hike, keeping pressure on Pakistan's tightening path

The Federal Reserve held its benchmark rate at 3.75-4.00 per cent on 28 October 2026 in a 10-2 vote, with two governors voting for an immediate quarter-point rise.

A wide concrete office block with rows of windows standing behind roadside trees, with cars passing on the road in front of it.Pakistan / Business & Finance

SBP raises policy rate to 12% as Middle East energy costs revive inflation risk

The State Bank of Pakistan raised its policy rate by 50 basis points to 12% on 26 October 2026, effective from 27 October, citing energy-driven inflation risk.

The International Monetary Fund headquarters in Washington, DC, photographed in 2017 as a wide, low-rise stone building under a clear sky.Pakistan / Business & Finance

SBP Governor tells investors reserves rebuilt to $21.5bn without new debt

SBP Governor Jameel Ahmad told foreign investors in Bangkok that reserves recovered from under $3bn to $21.5bn and forward liabilities fell from $5.7bn to below $1bn.

The State Bank of Pakistan's head office on I.I. Chundrigar Road in Karachi, a multi-storey building seen from the street in daylight.Pakistan / Business & Finance

Pakistan's current account deficit widens to $874m in July–September

SBP data show Pakistan's current account deficit widened to $874m in July–September, while the overall balance of payments swung to a $4.39bn deficit in September.

A busy open-air vegetable market in Peshawar, with vendors seated behind wide baskets of produce and shoppers moving between the stalls.Pakistan / Business & Finance

IMF raises Pakistan's FY27 inflation outlook to 9.9% and holds growth at 3.5%

The IMF's October 2026 World Economic Outlook raised Pakistan's inflation forecast to 9.9% for FY27 and kept growth at 3.5%, both at odds with the government's targets.

The State Bank of Pakistan building on Mall Road in Lahore, a colonnaded heritage facade behind a low boundary wall, photographed in daylight.Pakistan / Business & Finance

Pakistan's September remittances cool to $3.59bn, putting FY27 on track for about $43.5bn

State Bank of Pakistan data show workers' remittances fell 1.9 per cent month-on-month to $3.59 billion in September 2026, lifting the Jul-Sep total to $10.88 billion.

Street-level view of the International Monetary Fund headquarters in Washington, D.C., a large stone office building with a colonnade of tall pillars and rows of windows under a clear sky.Pakistan / Business & Finance

Pakistan and IMF reach staff-level agreement to unlock $1.21bn

The IMF announced a staff-level agreement with Pakistan on the fourth review of its $7bn loan programme, unlocking about $1.21bn once the Executive Board approves.

A handheld card payment terminal at a supermarket checkout, with a payment card inserted and a small screen and numeric keypad visible.Pakistan / Business & Finance

Pakistan's retail payments were 92pc digital in FY26, SBP review shows

The State Bank of Pakistan's payment systems review for FY26 records 13.2 billion digital retail transactions, 92 per cent of the total, with mobile payments up 79 per cent.

The State Bank of Pakistan headquarters building in Karachi, seen from the street.Pakistan / Business & Finance

SBP to clear cheques as electronic images from 15 October

The State Bank of Pakistan will start the Pakistan Express Clearing System on 15 October 2026, clearing cheques as electronic images instead of physical instruments.

Archival July 2003 photograph of the State Bank of Pakistan's Multan branch building; contextual image for a story about the federal government and central bank reporting different SOE-debt numbers, it does not depict any current event.Pakistan / Business & Finance

Pakistan state-owned enterprises owe Rs10.1 trillion, finance ministry report finds

A Ministry of Finance report puts Pakistan's federal state-owned enterprises' debt at Rs10.1 trillion by end-December 2025, Rs7.1 trillion higher than SBP figures.

The Pakistan Parliament House in Islamabad at dusk, a modern multi-storey block with the Bismillah calligraphy panel above the entrance and the Pakistani flag flying on the roof, with a boy standing in front of the gated perimeterPakistan / Business & Finance

Govt plans Rs110bn NFC deduction to recover provincial power arrears from IMF review

Pakistan has told the IMF it will recover more than Rs110 billion in provincial electricity arrears by adjusting NFC transfers, raising fresh provincial resistance and IMF concern.