SBP Lent Banks Rs 10.39 Trillion at 11.51% on 9 October, Just Above the 11.5% Policy Rate
The SBP lent banks Rs 10.39 trillion on 9 October 2026 at 11.51% and 11.54%. See the result, the fortnightly pattern and what it means for loans and savings.
On Friday 9 October 2026 the State Bank of Pakistan (SBP) lent banks Rs 10.39 trillion for 7 and 14 days at rates of 11.54 and 11.51 per cent a year. The policy rate is 11.5 per cent. The SBP's own results show the same large loan being renewed every second Friday since late August.
This is called an open market operation, or OMO. It sounds technical, but it is one of the tools that keeps the rate on your loan and your savings close to the SBP's policy rate. This report reads the SBP's result sheet and its OMO history, and explains the two numbers that matter to ordinary readers.
The SBP lent banks Rs 10.39 trillion on 9 October
The SBP ran a "reverse repo" injection on 9 October. In plain words, banks gave the SBP government securities and took cash for 7 or 14 days, then buy the securities back. The SBP says it received 39 quotes and accepted all of the 7 day offers and most of the 14 day offers.
| Length | Offered (face value) | Accepted (face value) | Rate | Quotes accepted |
|---|---|---|---|---|
| 7 days | Rs 89.3 billion | Rs 89.3 billion | 11.54% | 4 |
| 14 days | Rs 10,900.6 billion | Rs 10,300.0 billion | 11.51% | 35 |
| Total | Rs 10,989.9 billion | Rs 10,389.3 billion |
At the 11.51 per cent rate, banks offered Rs 4,658 billion but the SBP took Rs 4,057 billion of it, a share of each offer, which it calls pro-rata. Quotes ranged from 11.51 to 11.56 per cent. The cash actually paid out, called realised value, was Rs 10,114 billion.
The big loan comes back every second Friday
The SBP's OMO history sheet lists every injection. The large 14 day operation falls on the same Fridays again and again. Each one runs 14 days, so it ends just as the next one starts.
| Date | Largest operation accepted | Rate |
|---|---|---|
| 28 August 2026 | Rs 11,250 billion, 14 days | 11.51% |
| 11 September 2026 | Rs 10,375 billion, 14 days | 11.51% |
| 25 September 2026 | Rs 9,693 billion, 14 days | 11.51% |
| 9 October 2026 | Rs 10,300 billion, 14 days | 11.51% |
The Fridays in between, 4 September, 18 September and 2 October, were smaller, from Rs 1.9 to Rs 2.5 trillion. The dates line up exactly 14 days apart, so our reading is that the SBP renews roughly the same loan each time. The SBP's sheet does not say so in words, so treat that as our inference from the dates.
Why the rate matters more than the amount
The amounts are huge, but the useful number is the rate. Every accepted loan was priced between 11.51 and 11.54 per cent. That is within four hundredths of a point of the 11.5 per cent policy rate, which the SBP's monetary policy committee set on 14 September, with seven of its ten members in favour.
The SBP's weighted-average overnight repo rate, which tracks what banks pay each other for one night, was 11.72 per cent on 8 October, the latest date its report shows. That is a little above the SBP's own window. It means banks were paying each other slightly more than the central bank asked. The gap is small, and the report does not explain it.
What it means for your loan and savings
When the SBP lends at a rate close to its policy rate, short-term money stays calm. Banks have cash, and no sudden jump in borrowing costs appears. That is good news if you have a loan priced off KIBOR, the bank interbank rate, because KIBOR follows these short rates.
- Borrowers: a variable loan does not get dearer because of this operation. Our guide to what the SBP policy rate does to your loan instalment shows how the link works.
- Savers: deposit rates follow the policy rate and treasury bill yields, not one Friday's operation. The latest bill yields are in our report on the SBP treasury bill calendar.
- Watchers of the next rate decision: this result gives no hint of a rate move. Our note on the next monetary policy meeting tells you where to look for that.
How to read the SBP's OMO results
- Open sbp.org.pk, go to Publications and Data, then Economic Data.
- Find "Open Market Operations (OMO) Results of SBP" for the latest day.
- Read part B, "OMO Result", for the amount offered and accepted.
- Compare the rate accepted with the policy rate.
- For history, open "Open Market Operation History (Injection)".
Common questions
What is an open market operation?
It is the SBP lending cash to banks, or taking cash from them, against government securities. It keeps short-term rates near the policy rate.
How much did the SBP lend on 9 October 2026?
Rs 10,389 billion in face value, or about Rs 10.39 trillion, for 7 and 14 days.
At what rate?
11.54 per cent for 7 days and 11.51 per cent for 14 days, against a policy rate of 11.5 per cent.
Does this raise my loan rate?
No. It keeps short-term rates steady. Loan rates move with KIBOR and the policy rate.
Does it mean the SBP will change the policy rate?
No signal either way. The committee decides at its scheduled meetings, not through these operations.
How we verified this
What we checked, where we read it, and what we could not confirm.
Last checked 11 October 2026, about 7 am PKT. We downloaded three SBP files from its Economic Data page: the OMO result of 9 October 2026, the OMO injection history sheet, and the weighted-average overnight repo rate report dated 8 October 2026. We also read the Monetary Policy Statement of 14 September 2026. The fortnightly pattern is our own reading of the dates.
About the author
Global Affairs & Political Economy Writer
Muhammad Hatim is a book lover who started writing because he enjoys it. At Pakistan Era he writes about international relations, geopolitics and the global economy, with a particular interest in South Asia and the forces behind current events.
