SBP Unveils Rs.4.5 trillion Borrowing Plan 2026

The State Bank of Pakistan injected Rs.13 trillion through conventional and Shariah-compliant operations to manage liquidity. It has also announced a government securities auction to calendar for January-March 2026, targeting over Rs.4.5 trillion in fresh borrowing. Meanwhile, the rupee saw slight appreciation, and gold prices surged locally.

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The State Bank of Pakistan (SBP) injected Rs.13 trillion into the financial system via conventional and Shariah-compliant Open Market Operations (OMOs). In the conventional reverse repo segment, Rs12.9 trillion in face value was offered, with Rs.12.6 trillion realised at a uniform rate of 10.51% per annum across 7 and 14 day tenors. Simultaneously, the Shariah-complaint Mudarabah-based injection accepted Rs558 billion at rates of 10.54–10.55%. Strong market participation was observed in both operations, indicating high liquidity demand.

Separately, the SBP released its auction calendar for government securities for January–March 2026, targeting over Rs4.5 trillion. This includes Rs1,350 billion in fixed-rate Pakistan Investment Bonds (PIBs), Rs300 billion in semi-annual floating-rate 10-year PIBs, and Rs3,250 billion in Market Treasury Bills (MTBs). Fixed-rate PIBs will be auctioned monthly, while floating-rate and MTBs are scheduled bi-weekly.

In market reactions, the Pakistani rupee appreciated slightly against the US dollar, closing at Rs280.11, whereas gold prices surged sharply, with 24-karat gold reaching Rs460,262 per tola.