State Bank of Pakistan’s Monetary Policy History

The following table is a historical summary of State Bank of Pakistan’s monetary policy decisions.

The state bank targets the discount rate, the rate at which it lends to commercial banks.

================================================================================
Date               Discount     Discount   BN Survey    Survey vs.     Direction
                Rate Change  Rate Target      Median        Actual
================================================================================
10/8/2011            -1.50%       12.00%      12.50%    Unexpected        Easing
7/30/2011            -0.50%       13.50%      14.00%    Unexpected        Easing
5/21/2011             0.00%       14.00%      14.00%      Expected      Maintain
3/26/2011             0.00%       14.00%      14.00%      Expected      Maintain
1/29/2011             0.00%       14.00%         n/a           n/a      Maintain

11/29/2010            0.50%       14.00%      14.00%      Expected    Tightening
09/29/2010            0.50%       13.50%         n/a           n/a    Tightening
07/30/2010            0.50%       13.00%      12.50%    Unexpected    Tightening
05/24/2010            0.00%       12.50%         n/a           n/a      Maintain
================================================================================
Date               Discount     Discount   BN Survey    Survey vs.     Direction
                Rate Change  Rate Target      Median        Actual
================================================================================
03/27/2010            0.00%       12.50%         n/a           n/a      Maintain
01/30/2010            0.00%       12.50%         n/a           n/a      Maintain

11/24/2009           -0.50%       12.50%      12.50%      Expected        Easing
09/29/2009            0.00%       13.00%         n/a           n/a      Maintain
08/15/2009           -1.00%       13.00%         n/a           n/a        Easing
04/20/2009           -1.00%       14.00%      15.00%    Unexpected        Easing
01/31/2009            0.00%       15.00%         n/a           n/a      Maintain

11/12/2008            2.00%       15.00%         n/a           n/a    Tightening
07/29/2008            1.00%       13.00%         n/a           n/a    Tightening
05/22/2008            1.50%       12.00%         n/a           n/a    Tightening
01/31/2008            0.50%       10.50%      10.00%    Unexpected    Tightening

07/31/2007            0.50%       10.00%         n/a           n/a    Tightening
01/18/2007            0.00%        9.50%       9.50%      Expected      Maintain

================================================================================
Date               Discount     Discount   BN Survey    Survey vs.     Direction
                Rate Change  Rate Target      Median        Actual
================================================================================
07/29/2006            0.50%        9.50%       9.00%    Unexpected    Tightening
01/26/2006            0.00%        9.00%       9.00%      Expected      Maintain

04/11/2005            1.50%        9.00%         n/a           n/a    Tightening

11/18/2002           -1.50%        7.50%         n/a           n/a        Easing
01/23/2002           -1.00%        9.00%         n/a           n/a        Easing

10/20/2001           -2.00%       10.00%         n/a           n/a        Easing
08/17/2001           -1.00%       12.00%         n/a           n/a        Easing
07/19/2001           -1.00%       13.00%         n/a           n/a        Easing
06/07/2001            1.00%       14.00%         n/a           n/a    Tightening

10/05/2000            1.00%       13.00%         n/a           n/a    Tightening
09/19/2000            1.00%       12.00%         n/a           n/a    Tightening
01/05/2000           -2.00%       11.00%         n/a           n/a        Easing

================================================================================
Date               Discount     Discount   BN Survey    Survey vs.     Direction
                Rate Change  Rate Target      Median        Actual
================================================================================
05/19/1999           -1.00%       13.00%         n/a           n/a        Easing
04/03/1999           -1.50%       14.00%         n/a           n/a        Easing
03/04/1999           -1.00%       15.50%         n/a           n/a        Easing

07/01/1998           -1.50%       16.50%         n/a           n/a        Easing

10/29/1997           -0.50%       18.00%         n/a           n/a        Easing
07/28/1997           -0.50%       18.50%         n/a           n/a        Easing
06/18/1997           -1.00%       19.00%         n/a           n/a        Easing

10/22/1996            3.00%       20.00%         n/a           n/a    Tightening

11/12/1995            0.50%       17.00%         n/a           n/a    Tightening
10/29/1995            1.00%       16.50%         n/a           n/a    Tightening
02/06/1995            0.50%       15.50%         n/a           n/a    Tightening

03/01/1994           -2.00%       15.00%         n/a           n/a        Easing
================================================================================
Date               Discount     Discount   BN Survey    Survey vs.     Direction
                Rate Change  Rate Target      Median        Actual
================================================================================

08/16/1993            2.00%       17.00%         n/a           n/a    Tightening

12/06/1992              n/a       15.00%         n/a           n/a           n/a
================================================================================

To contact the reporter on this story: Manish Modi in New Delhi at mmodi6@bloomberg.net.

To contact the editor responsible for this story: Marco Babic at mbabic@bloomberg.net.

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.