Derived indicators

The policy rate in effect at each month-end: SBP's reverse repo rate (the policy rate) until the interest-rate corridor of 25-May-2015, the policy (target) rate since.

Inputs: rates.reverse_repo, rates.policy_target, rates.policy

Monthly average of the daily 3-month KIBOR offer rate (months with ≥10 fixings) − national CPI inflation (YoY) for the month.

Inputs: rates.kibor.3m, inflation.cpi.national.yoy, inflation.national_cpi_inflation_measure_year_year, industry.general_cpi_inflation_measure_year_year_2

Ex-post real policy rate = SBP policy rate at month-end − national CPI inflation (YoY) for the month (rates.policy.history − inflation.cpi.national.yoy.long).

Inputs: rates.reverse_repo, rates.policy_target, rates.policy, inflation.cpi.national.yoy, inflation.national_cpi_inflation_measure_year_year, industry.general_cpi_inflation_measure_year_year_2

Daily 3-month KIBOR offer − SBP policy rate in effect that day (reverse repo before 25-May-2015). Positive = the interbank market prices rates above the policy rate.

Inputs: rates.kibor.3m, rates.reverse_repo, rates.policy_target, rates.policy

PKRV 10-year − PKRV 1-year (MUFAP revaluation rates), daily.

Inputs: rates.pkrv.10y, rates.pkrv.1y

PKRV 10-year − PKRV 3-month (MUFAP revaluation rates), daily. Negative = inverted curve.

Inputs: rates.pkrv.10y, rates.pkrv.3m

3-month T-bill auction cut-off yield − SBP policy rate in effect on the auction date.

Inputs: rates.auction.tbill.3m.cutoff_yield, rates.reverse_repo, rates.policy_target, rates.policy

Spliced: PBS national CPI YoY where published (Jul-2017 →), else SBP's base-2015-16 national CPI YoY (Jul-2016 →), else SBP's historical general CPI YoY (1965 → Apr-2020). One continuous series; base years differ across the splice points.

Inputs: inflation.cpi.national.yoy, inflation.national_cpi_inflation_measure_year_year, industry.general_cpi_inflation_measure_year_year_2

SBP's total reserves (gold and foreign exchange) at month-end ÷ the average monthly import bill (goods and services, BOP) of the latest three months. How many months of imports the central bank's reserves pay for.

Inputs: reserves.total_sbp_reserves, bop.imports_goods_services_total

SBP weighted-average interbank USD/PKR offer − bid, daily (rupees).

Inputs: fx.rate.interbank.usd, fx.rate.interbank.usd

Weekly cost in rupees of an illustrative monthly household grocery basket at PBS SPI prices for Bahawalpur: 40 kg wheat flour, 5 kg basmati rice (broken), 1 kg each masoor and gram pulse, two 2.5-kg tins of vegetable ghee, 4 kg sugar, 30 litres fresh milk, 2 dozen eggs, 4 kg chicken, 5 kg potatoes, 4 kg onions, 3 kg tomatoes, two 190-g packs of tea and an 800-g pack of salt. Sum of quantity x that week's price; an item missing for a week carries its last price for up to two weeks, otherwise the week is skipped.

Inputs: commodities.* (SPI, bahawalpur)

Weekly cost in rupees of an illustrative monthly household grocery basket at PBS SPI prices for Bannu: 40 kg wheat flour, 5 kg basmati rice (broken), 1 kg each masoor and gram pulse, two 2.5-kg tins of vegetable ghee, 4 kg sugar, 30 litres fresh milk, 2 dozen eggs, 4 kg chicken, 5 kg potatoes, 4 kg onions, 3 kg tomatoes, two 190-g packs of tea and an 800-g pack of salt. Sum of quantity x that week's price; an item missing for a week carries its last price for up to two weeks, otherwise the week is skipped.

Inputs: commodities.* (SPI, bannu)

Weekly cost in rupees of an illustrative monthly household grocery basket at PBS SPI prices for Faisalabad: 40 kg wheat flour, 5 kg basmati rice (broken), 1 kg each masoor and gram pulse, two 2.5-kg tins of vegetable ghee, 4 kg sugar, 30 litres fresh milk, 2 dozen eggs, 4 kg chicken, 5 kg potatoes, 4 kg onions, 3 kg tomatoes, two 190-g packs of tea and an 800-g pack of salt. Sum of quantity x that week's price; an item missing for a week carries its last price for up to two weeks, otherwise the week is skipped.

Inputs: commodities.* (SPI, faisalabad)

Weekly cost in rupees of an illustrative monthly household grocery basket at PBS SPI prices for Gujranwala: 40 kg wheat flour, 5 kg basmati rice (broken), 1 kg each masoor and gram pulse, two 2.5-kg tins of vegetable ghee, 4 kg sugar, 30 litres fresh milk, 2 dozen eggs, 4 kg chicken, 5 kg potatoes, 4 kg onions, 3 kg tomatoes, two 190-g packs of tea and an 800-g pack of salt. Sum of quantity x that week's price; an item missing for a week carries its last price for up to two weeks, otherwise the week is skipped.

Inputs: commodities.* (SPI, gujranwala)

Weekly cost in rupees of an illustrative monthly household grocery basket at PBS SPI prices for Hyderabad: 40 kg wheat flour, 5 kg basmati rice (broken), 1 kg each masoor and gram pulse, two 2.5-kg tins of vegetable ghee, 4 kg sugar, 30 litres fresh milk, 2 dozen eggs, 4 kg chicken, 5 kg potatoes, 4 kg onions, 3 kg tomatoes, two 190-g packs of tea and an 800-g pack of salt. Sum of quantity x that week's price; an item missing for a week carries its last price for up to two weeks, otherwise the week is skipped.

Inputs: commodities.* (SPI, hyderabad)

Weekly cost in rupees of an illustrative monthly household grocery basket at PBS SPI prices for Islamabad: 40 kg wheat flour, 5 kg basmati rice (broken), 1 kg each masoor and gram pulse, two 2.5-kg tins of vegetable ghee, 4 kg sugar, 30 litres fresh milk, 2 dozen eggs, 4 kg chicken, 5 kg potatoes, 4 kg onions, 3 kg tomatoes, two 190-g packs of tea and an 800-g pack of salt. Sum of quantity x that week's price; an item missing for a week carries its last price for up to two weeks, otherwise the week is skipped.

Inputs: commodities.* (SPI, islamabad)

Weekly cost in rupees of an illustrative monthly household grocery basket at PBS SPI prices for Karachi: 40 kg wheat flour, 5 kg basmati rice (broken), 1 kg each masoor and gram pulse, two 2.5-kg tins of vegetable ghee, 4 kg sugar, 30 litres fresh milk, 2 dozen eggs, 4 kg chicken, 5 kg potatoes, 4 kg onions, 3 kg tomatoes, two 190-g packs of tea and an 800-g pack of salt. Sum of quantity x that week's price; an item missing for a week carries its last price for up to two weeks, otherwise the week is skipped.

Inputs: commodities.* (SPI, karachi)

Weekly cost in rupees of an illustrative monthly household grocery basket at PBS SPI prices for Khuzdar: 40 kg wheat flour, 5 kg basmati rice (broken), 1 kg each masoor and gram pulse, two 2.5-kg tins of vegetable ghee, 4 kg sugar, 30 litres fresh milk, 2 dozen eggs, 4 kg chicken, 5 kg potatoes, 4 kg onions, 3 kg tomatoes, two 190-g packs of tea and an 800-g pack of salt. Sum of quantity x that week's price; an item missing for a week carries its last price for up to two weeks, otherwise the week is skipped.

Inputs: commodities.* (SPI, khuzdar)

Weekly cost in rupees of an illustrative monthly household grocery basket at PBS SPI prices for Lahore: 40 kg wheat flour, 5 kg basmati rice (broken), 1 kg each masoor and gram pulse, two 2.5-kg tins of vegetable ghee, 4 kg sugar, 30 litres fresh milk, 2 dozen eggs, 4 kg chicken, 5 kg potatoes, 4 kg onions, 3 kg tomatoes, two 190-g packs of tea and an 800-g pack of salt. Sum of quantity x that week's price; an item missing for a week carries its last price for up to two weeks, otherwise the week is skipped.

Inputs: commodities.* (SPI, lahore)

Weekly cost in rupees of an illustrative monthly household grocery basket at PBS SPI prices for Larkana: 40 kg wheat flour, 5 kg basmati rice (broken), 1 kg each masoor and gram pulse, two 2.5-kg tins of vegetable ghee, 4 kg sugar, 30 litres fresh milk, 2 dozen eggs, 4 kg chicken, 5 kg potatoes, 4 kg onions, 3 kg tomatoes, two 190-g packs of tea and an 800-g pack of salt. Sum of quantity x that week's price; an item missing for a week carries its last price for up to two weeks, otherwise the week is skipped.

Inputs: commodities.* (SPI, larkana)

Weekly cost in rupees of an illustrative monthly household grocery basket at PBS SPI prices for Multan: 40 kg wheat flour, 5 kg basmati rice (broken), 1 kg each masoor and gram pulse, two 2.5-kg tins of vegetable ghee, 4 kg sugar, 30 litres fresh milk, 2 dozen eggs, 4 kg chicken, 5 kg potatoes, 4 kg onions, 3 kg tomatoes, two 190-g packs of tea and an 800-g pack of salt. Sum of quantity x that week's price; an item missing for a week carries its last price for up to two weeks, otherwise the week is skipped.

Inputs: commodities.* (SPI, multan)

Weekly cost in rupees of an illustrative monthly household grocery basket at PBS SPI prices for National: 40 kg wheat flour, 5 kg basmati rice (broken), 1 kg each masoor and gram pulse, two 2.5-kg tins of vegetable ghee, 4 kg sugar, 30 litres fresh milk, 2 dozen eggs, 4 kg chicken, 5 kg potatoes, 4 kg onions, 3 kg tomatoes, two 190-g packs of tea and an 800-g pack of salt. Sum of quantity x that week's price; an item missing for a week carries its last price for up to two weeks, otherwise the week is skipped.

Inputs: commodities.* (SPI, national)

Weekly cost in rupees of an illustrative monthly household grocery basket at PBS SPI prices for Peshawar: 40 kg wheat flour, 5 kg basmati rice (broken), 1 kg each masoor and gram pulse, two 2.5-kg tins of vegetable ghee, 4 kg sugar, 30 litres fresh milk, 2 dozen eggs, 4 kg chicken, 5 kg potatoes, 4 kg onions, 3 kg tomatoes, two 190-g packs of tea and an 800-g pack of salt. Sum of quantity x that week's price; an item missing for a week carries its last price for up to two weeks, otherwise the week is skipped.

Inputs: commodities.* (SPI, peshawar)

Weekly cost in rupees of an illustrative monthly household grocery basket at PBS SPI prices for Quetta: 40 kg wheat flour, 5 kg basmati rice (broken), 1 kg each masoor and gram pulse, two 2.5-kg tins of vegetable ghee, 4 kg sugar, 30 litres fresh milk, 2 dozen eggs, 4 kg chicken, 5 kg potatoes, 4 kg onions, 3 kg tomatoes, two 190-g packs of tea and an 800-g pack of salt. Sum of quantity x that week's price; an item missing for a week carries its last price for up to two weeks, otherwise the week is skipped.

Inputs: commodities.* (SPI, quetta)

Weekly cost in rupees of an illustrative monthly household grocery basket at PBS SPI prices for Rawalpindi: 40 kg wheat flour, 5 kg basmati rice (broken), 1 kg each masoor and gram pulse, two 2.5-kg tins of vegetable ghee, 4 kg sugar, 30 litres fresh milk, 2 dozen eggs, 4 kg chicken, 5 kg potatoes, 4 kg onions, 3 kg tomatoes, two 190-g packs of tea and an 800-g pack of salt. Sum of quantity x that week's price; an item missing for a week carries its last price for up to two weeks, otherwise the week is skipped.

Inputs: commodities.* (SPI, rawalpindi)

Weekly cost in rupees of an illustrative monthly household grocery basket at PBS SPI prices for Sargodha: 40 kg wheat flour, 5 kg basmati rice (broken), 1 kg each masoor and gram pulse, two 2.5-kg tins of vegetable ghee, 4 kg sugar, 30 litres fresh milk, 2 dozen eggs, 4 kg chicken, 5 kg potatoes, 4 kg onions, 3 kg tomatoes, two 190-g packs of tea and an 800-g pack of salt. Sum of quantity x that week's price; an item missing for a week carries its last price for up to two weeks, otherwise the week is skipped.

Inputs: commodities.* (SPI, sargodha)

Weekly cost in rupees of an illustrative monthly household grocery basket at PBS SPI prices for Sialkot: 40 kg wheat flour, 5 kg basmati rice (broken), 1 kg each masoor and gram pulse, two 2.5-kg tins of vegetable ghee, 4 kg sugar, 30 litres fresh milk, 2 dozen eggs, 4 kg chicken, 5 kg potatoes, 4 kg onions, 3 kg tomatoes, two 190-g packs of tea and an 800-g pack of salt. Sum of quantity x that week's price; an item missing for a week carries its last price for up to two weeks, otherwise the week is skipped.

Inputs: commodities.* (SPI, sialkot)

Weekly cost in rupees of an illustrative monthly household grocery basket at PBS SPI prices for Sukkur: 40 kg wheat flour, 5 kg basmati rice (broken), 1 kg each masoor and gram pulse, two 2.5-kg tins of vegetable ghee, 4 kg sugar, 30 litres fresh milk, 2 dozen eggs, 4 kg chicken, 5 kg potatoes, 4 kg onions, 3 kg tomatoes, two 190-g packs of tea and an 800-g pack of salt. Sum of quantity x that week's price; an item missing for a week carries its last price for up to two weeks, otherwise the week is skipped.

Inputs: commodities.* (SPI, sukkur)

Sum of the latest 12 consecutive months of workers' remittances (US$ million) — the annualised inflow, free of Ramadan/Eid seasonality.

Inputs: remittances.total

Raast transaction value (PKR bn) ÷ total retail payments value (PKR tn × 1,000) × 100, per quarter (SBP Payment Systems Review).

Inputs: payments.raast.total.value, payments.retail.value

Median, across conventional equity funds, of each fund's latest MUFAP 365-day return in the week.

Inputs: MUFAP fund returns (Equity, d365)

Median, across income funds, of each fund's latest MUFAP 30-day annualised return in the week.

Inputs: MUFAP fund returns (Income, d30)

Median, across conventional money-market funds, of each fund's latest MUFAP 30-day return (annualised, as MUFAP publishes it) in the week; weeks with <5 funds skipped.

Inputs: MUFAP fund returns (Money Market, d30)

Median, across Shariah-compliant equity funds, of each fund's latest MUFAP 365-day return.

Inputs: MUFAP fund returns (Shariah Compliant Equity, d365)

Median, across Shariah-compliant money-market funds, of each fund's latest MUFAP 30-day annualised return in the week.

Inputs: MUFAP fund returns (Shariah Compliant Money Market, d30)