SBP maintains remuneration rate on Special Cash Reserve Account for November

The State Bank of Pakistan set the November 2026 remuneration rate for the Special Cash Reserve Account in US dollars at 2.9%, down from 2.91% in October but above September’s 2.71%. Mettis Global reported that the rate applies to deposits raised under FE-Circular25 of 1998. The SBP issued the latest rate through a circular.

Banks and non-bank financial institutions must keep reserves equal to 25% of their FE-25 deposits with the SBP: 5% in a non-remunerative Cash Reserve Account and 20% in the remunerated Special Cash Reserve Account. The monthly rate is calculated from the one-month CME Term SOFR published on the previous month’s last working day, less a 1% service charge. The mechanism aligns remuneration on foreign currency reserves with international benchmarks.