SBP Policy Rate History: Every Change From 17% in January 2023 to 11.5% Now

The State Bank of Pakistan's policy rate is 11.50 per cent. It has been 11.50 per cent since 28 April 2026, after a one point rise from 10.50 per cent. The peak was 22 per cent, set on 27 June 2023 and held for almost a year. The full list of changes since January 2023 is in the table below.

We read the State Bank's own "Structure of Interest Rates" table on 14 October 2026. It lists every change with the date it took effect. We also checked the rate against the Monetary Policy page, which shows 11.50 per cent today.

The policy rate has moved 13 times since January 2023

The State Bank's table starts at 24 January 2023, when the policy rate was 17 per cent. It then rose three times to 22 per cent. It was cut eight times to 10.50 per cent, and raised once to 11.50 per cent. It has not changed since.

The dates are the days a change took effect ("w.e.f." in the State Bank's table). A decision can be announced a day before it takes effect. The April 2026 rise, for example, was announced on 27 April and took effect on 28 April.

The "change" column is our arithmetic from the State Bank's rates, in percentage points. The State Bank's table also lists the earlier days only from 24 January 2023, so we say nothing about the rate before that.

The cuts took the rate from 22 per cent to 10.5 per cent

Between 27 June 2023 and 11 June 2024 the rate stayed at 22 per cent. That is 350 days. The first cut came on 11 June 2024 and the last on 16 December 2025. Eight cuts took off 11.5 points in total.

The biggest single cut was 2.5 points, on 5 November 2024. The smallest was 0.5 points, on 16 December 2025.

The 2026 rise went the other way. The State Bank raised the rate by one point to 11.50 per cent and kept it there at its July and September meetings. We covered the latest hold in the report on the September decision, and the votes in the minutes of that meeting.

Three other rates move with the policy rate

The policy rate is the target for overnight money between banks. The State Bank also sets a ceiling and a floor around it, and a minimum rate for savings accounts. In the table, the savings rate sits 1.5 points under the policy rate every time.

• Ceiling (reverse repo rate): 12.50 per cent, one point above the policy rate.
• Policy (target) rate: 11.50 per cent.
• Floor (repo rate): 10.50 per cent, one point below.
• Minimum rate of return on savings deposits: 10.00 per cent.

The savings minimum applies only to individuals with a monthly average balance up to Rs 10 million, from 1 August 2026, according to the State Bank's July circular. The bank-by-bank rates are in the list of savings account profit rates for October.

What the policy rate does to your loan and your savings

A higher policy rate usually makes new loans cost more, and raises what banks pay on deposits. A lower rate does the reverse. A loan on a variable rate follows KIBOR, the interbank rate, which tracks the policy rate closely. A fixed-rate loan does not change after you sign.

For the loan side, see how the policy rate feeds into your loan EMI. For where KIBOR stands today, see the current KIBOR rate.

Compare the rate with prices. Inflation was 10.26 per cent in September 2026, according to the Pakistan Bureau of Statistics. The policy rate is 11.50 per cent, so the gap is 1.24 points. A policy rate above inflation is called a positive real rate, and it is the State Bank's stated aim.

How to check the policy rate yourself

1. Open the State Bank's Monetary Policy page at sbp.org.pk/m_policy.
2. Read the "SBP Policy Rate" box at the top for the rate today.
3. Scroll to the Monetary Policy Calendar for the next meeting date.
4. Open the latest Monetary Policy Statement from the calendar to read the reasons.
5. For the history, open the Structure of Interest Rates table on the Economic Data page.
6. Read the "w.e.f." column to see the effective date of each change.

The next meeting is on 26 October 2026, then 14 December 2026, according to the State Bank's calendar. Our note on the October meeting covers what is on the table.

Common questions about the SBP policy rate

What is the SBP policy rate today?

It is 11.50 per cent a year, effective from 28 April 2026. The State Bank's Monetary Policy page shows it in the box at the top.

What was the highest policy rate?

The highest rate in the State Bank's table is 22 per cent. It took effect on 27 June 2023 and lasted until 11 June 2024.

When did the State Bank last change the rate?

On 28 April 2026, when it raised the rate by one point from 10.50 to 11.50 per cent. It has held the rate at each meeting since.

When is the next meeting?

The next Monetary Policy Committee meeting is on 26 October 2026. The one after is on 14 December 2026.

What is the minimum rate on a savings account?

It is 10.00 per cent for individuals with a monthly average balance up to Rs 10 million. The State Bank sets it 1.5 points under the policy rate.

How we verified this

What we checked, where we read it, and what we could not confirm.

Last checked 14 October 2026. Rates and dates come from the State Bank of Pakistan's Structure of Interest Rates table and its Monetary Policy page, both read on 14 October 2026. The changes in points, the 350-day count and the 1.24-point gap are our arithmetic. The State Bank's table does not show rates before 24 January 2023.