Karachi, July 9, 2025 – The State Bank of Pakistan (SBP) has officially announced the appointment of primary dealers for the fiscal year 2025–26, in line with its framework for managing government securities.
These primary dealers play a pivotal role in the debt market, serving as key intermediaries in the auction and distribution of government securities.
According to a circular issued by the SBP on Wednesday, the selection of primary dealers, preliminary primary dealers (PPDs), and special purpose primary dealers (SPDs) was carried out under the rules outlined in DMMD Circular No. 07 dated April 12, 2021. Applications for the selection process were invited via DMMD Circular Letter No. 05 dated May 7, 2025, from all eligible financial institutions across Pakistan.
After a comprehensive evaluation based on the criteria outlined in the circular, the SBP has finalized the following institutions for the role of primary dealers for FY2025–26:
Primary Dealers:
1. United Bank Limited
2. Bank Alfalah Limited
3. National Bank of Pakistan
4. Habib Bank Limited
5. Habib Metropolitan Bank Limited
6. MCB Bank Limited
7. The Bank of Punjab
8. Pak Oman Investment Company Limited
9. JS Bank Limited
10. Citi Bank N.A., Pakistan Branch
Special Purpose Primary Dealers (SPDs):
1. Central Depository Company Limited
2. National Clearing Company of Pakistan
The SBP also recognized the top three performing primary dealers of the previous fiscal year (FY2024–25). These institutions were acknowledged for their excellence in participation, distribution, and market development of government securities:
1. United Bank Limited
2. Bank Alfalah Limited
3. National Bank of Pakistan
The performance rankings of all other appointed primary dealers and SPDs during FY2024–25 will be communicated to the respective institutions individually through separate correspondence.
The role of primary dealers is crucial in ensuring liquidity in the secondary market and in helping the SBP implement its monetary policy effectively. Through this annual appointment, the central bank reinforces its commitment to a transparent and competitive debt market framework that supports Pakistan’s fiscal needs and financial market development.