sbp appoints primary
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SBP appoints 10 primary dealers for FY27

ByJustpaste.in

KARACHI: The State Bank of Pakistan (SBP) has appointed 10 financial institutions as Primary Dealers (PDs) and two institutions as Special Purpose Primary Dealers (SPDs) for the fiscal year 2026-27. The appointments will strengthen the government’s domestic borrowing programme and support the country’s financial market.

The government continues to rely heavily on domestic borrowing to finance its fiscal requirements. In this system, primary dealers play an important role by participating in government debt auctions and helping raise funds through Treasury Bills and Pakistan Investment Bonds.

According to the central bank, United Bank Limited (UBL), National Bank of Pakistan (NBP), and Bank Alfalah secured the top three positions among primary dealers during the fiscal year 2025-26. Their rankings were based on overall performance in government securities auctions and market activities.

The 10 institutions selected as Primary Dealers for FY2026-27 are United Bank Limited, National Bank of Pakistan, Bank Alfalah, Habib Bank Limited, Habib Metropolitan Bank, MCB Bank, The Bank of Punjab, Pak Oman Investment Company, JS Bank, and Citi Bank NA Pakistan Branch.

The State Bank has also appointed the Central Depository Company of Pakistan Limited (CDC) and the National Clearing Company of Pakistan Limited (NCCPL) as Special Purpose Primary Dealers for the new fiscal year.

The appointments were made after evaluating applications submitted by financial institutions under the eligibility criteria laid down in the Primary Dealer System Rules. The central bank had invited applications for the new fiscal year through a circular issued earlier this year.

Primary dealers are responsible for purchasing government securities directly from the central bank during auctions. They then distribute these securities among commercial banks, financial institutions and other investors. Their participation ensures that government borrowing operations continue without disruption.

These institutions also play an important role in the secondary market by providing liquidity and facilitating the buying and selling of government securities. Their presence helps improve market efficiency and contributes to transparent price discovery.

The role of primary dealers has become increasingly important as Pakistan continues to depend on domestic sources to meet its financing needs. Through their participation in debt auctions, they help the government raise funds while supporting stability in the country’s financial system.

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