巴基斯坦10年期国债 (Pakistan10Y) 加自选

巴基斯坦国家银行在10月份将基准政策利率稳定在11%，这是连续第四次会议没有变化，因为货币政策委员会认为这一立场适合维持价格稳定和支持可持续增长。受洪水相关作物损失的推动，9月份的整体通胀率从8月份的3.6%飙升至5.6%，但仍在央行的5-7%目标范围内。近期与阿富汗边境中断的潜在影响预计将反映在即将公布的通胀数据中。2025财年，实际国内生产总值预计将增长3.25-4.25%，这得益于关键部门的稳定增长、国内需求的增长以及私人投资和基础设施项目的持续发展。银行业流动性适度扩张，M2和私营部门信贷稳步增长。

The State Bank of Pakistan kept its benchmark policy rate steady at 11% in October, marking the fourth consecutive meeting without a change, as the Monetary Policy Committee deemed the stance appropriate to maintain price stability and support sustainable growth. Headline inflation surged to 5.6% year-on-year in September from 3.6% in August, driven by flood-related crop damage, yet remained within the central bank’s 5–7% target range. Potential effects from recent border disruptions with Afghanistan are expected to be reflected in upcoming inflation readings. For FY2025, real GDP is projected to expand 3.25–4.25%, underpinned by stable to positive growth in key sectors, rising domestic demand, and continued private investment and infrastructure projects. Banking sector liquidity saw moderate expansion, with M2 and private sector credit increasing steadily.

国际货币基金组织周二表示，它已与巴基斯坦达成了一项员工级别的协议，为12亿美元的新资金铺平了道路，等待董事会批准。该交易包括扩展基金机制下的10亿美元和弹性与可持续性机制下的2亿美元，使总支出达到约33亿美元。国际货币基金组织指出，巴基斯坦的复苏仍在正轨上，通货膨胀得到控制，外部缓冲更强，金融状况得到改善，主权利差缩小就是明证。该国已承诺维持紧缩的数据驱动型货币政策，并在最近的洪水后提高气候适应能力。与此同时，财政部长奥朗则布表示，巴基斯坦计划重返全球资本市场，首先在年底前发行以人民币计价的绿色债券，然后发行至少10亿美元的国际债券。

The International Monetary Fund said on Tuesday that it has reached a staff-level agreement with Pakistan, paving the way for USD 1.2 billion in new funding, pending board approval. The deal includes USD 1 billion under the Extended Fund Facility and USD 200 million from the Resilience and Sustainability Facility, bringing total disbursements to about USD 3.3 billion. The IMF noted that Pakistan’s recovery remains on track, with contained inflation, stronger external buffers, and improved financial conditions, as evidenced by narrowing sovereign spreads. The country has pledged to maintain a tight, data-driven monetary policy and boost climate resilience after recent floods. Meanwhile, Finance Minister Aurangzeb said Pakistan plans to return to global capital markets, beginning with a yuan-denominated green bond before year-end, followed by at least a USD 1 billion international bond.

KSE 100指数升至169282.00点的历史最高点。在过去的4周里，卡拉奇证券交易所KSE100指数上涨了10.37%，在过去的12个月里，它上涨了101.71%。

KSE 100 increased to an all-time high of 169282.00 Index Points. Over the past 4 weeks, Karachi Stock Exchange KSE100 Index gained 10.37%, and in the last 12 months, it increased 101.71%.

巴基斯坦批发价格在2025年9月同比上涨0.59%，这是自2025年1月以来的最大涨幅，并从8月份的1.0%的跌幅中反弹。这一上涨主要是由于食品、饮料、烟草、纺织品和皮革制品的价格增长更为强劲（8月份为6.98%对4.94%），同时农业、林业和渔业（-1.66%对-3.88%）、矿产、电力、天然气和水（-4.97%对-6.06%）以及其他可运输商品（-1.33%对-2.71%）的跌幅放缓。相反，金属制品、机械和设备的增长放缓（1.18%对1.21%）。按月计算，9月份批发价格上涨0.53%，从8月份0.21%的跌幅反弹。

Pakistan’s wholesale prices rose 0.59% year-on-year in September 2025, marking the largest increase since January 2025 and rebounding from a 1.0% decline in August. The uptick was primarily driven by stronger price growth in food, beverages, tobacco, textiles, and leather products (6.98% vs. 4.94% in August), alongside slower declines in agriculture, forestry, and fishing (-1.66% vs. -3.88%), minerals, electricity, gas, and water (-4.97% vs. -6.06%), and other transportable goods (-1.33% vs. -2.71%). Conversely, growth moderated in metal products, machinery, and equipment (1.18% vs. 1.21%). On a monthly basis, wholesale prices increased 0.53% in September, rebounding from a 0.21% drop in August.