State Bank of Pakistan mulls new target rate

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The State Bank of Pakistan (SBP) is mulling a new 'target rate' that it hopes would provide a stronger anchor for the overnight repo rate in the money market than its existing interest rate corridor.

At present the central bank tries to keep money market rates within a corridor established by the SBP repo rate (the floor) and SBP reverse repo rate (the ceiling), currently set at 6% and 8.5%.

Yesterday the SBP published a set of proposals from its domestic markets and monetary management departme

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