The notification is a targeted monthly treasury parameter, not a general change in customer deposit rates or monetary policy.
The rate notified for November 2026
On 30 October 2026 the State Bank of Pakistan issued DMMD Circular Letter No. 13 of 2026 to the head and principal offices of authorised dealers in foreign exchange. It sets the rate of remuneration on the Special Cash Reserve Account denominated in US dollars and maintained with SBP against deposits raised under FE Circular 25 of 1998 at 2.90% for November 2026. The letter refers to paragraph 3 of BSD Circular 18 dated 31 March 2001 and DMMD Circular Letter 03 dated 9 August 2023. This is a monthly rate notification, not a proposal or consultation.
What changed compared with October
The corresponding October rate, notified by DMMD Circular Letter No. 12 dated 30 September 2026, was 2.91%. The November figure is therefore lower by 0.01 percentage point, or one basis point. The change is narrow but measurable for authorised dealers that maintain a relevant reserve balance. Neither circular announces a change to the SBP policy rate, to the ordinary remuneration paid on customer deposit accounts, or to the underlying requirement to maintain the reserve. The circular should not be described as changing those separate arrangements.
Affected institutions and operational implications
The addressees are authorised dealers in foreign exchange. Treasury, finance and regulatory-reporting teams should use the 2.90% notified rate for the relevant November reserve remuneration calculation, reconcile accrual assumptions against SBP statements and preserve the circular with the month-end working papers. The economic impact depends on the actual eligible reserve balance and the applicable computation convention; the circular does not supply a new formula or a bank-specific amount. For counterparties and customers, this is an SBP reserve-account remuneration instruction rather than a retail interest-rate announcement.
Status, source and related reading
The notification is operative for the stated month of November 2026 and is dated 30 October 2026. Read the original SBP DMMD Circular Letter 13/2026 and the October 2026 predecessor circular for the exact comparison. Related context: banking and finance legal practice, financial services industry and the SBP licensing and authorisation handbook briefing. Return to the Knowledge hub. This briefing provides general information, not advice on a particular institution's reserve accounting.
What authorised dealers should consider
Reconcile the November 2026 reserve-account remuneration accrual to the newly notified 2.90% rate and retain the original SBP circular in treasury records. Do not apply this rate to unrelated deposit products.