State Bank of Pakistan’s Monetary Policy History

Oct. 10 (Bloomberg) -- 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.

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Date               Discount     Discount   BN Survey    Survey vs.     Direction
                Rate Change  Rate Target      Median        Actual
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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
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Date               Discount     Discount   BN Survey    Survey vs.     Direction
                Rate Change  Rate Target      Median        Actual
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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

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Date               Discount     Discount   BN Survey    Survey vs.     Direction
                Rate Change  Rate Target      Median        Actual
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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

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Date               Discount     Discount   BN Survey    Survey vs.     Direction
                Rate Change  Rate Target      Median        Actual
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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
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Date               Discount     Discount   BN Survey    Survey vs.     Direction
                Rate Change  Rate Target      Median        Actual
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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
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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.