Official Circular and Dealer Framework
Through the issuance of DMMD Circular No. 03 on July 23, 2026, the State Bank of Pakistan (SBP) formally announced its appointed Primary Dealers (PDs) and Special Purpose Primary Dealers (SPDs) for Fiscal Year 2026-27. These selections were conducted in accordance with the regulatory criteria established under DMMD Circular No. 07, dated April 12, 2021.
Appointed Primary and Special-Purpose Entities
The ten financial institutions named as Primary Dealers for FY 2026-27 comprise United Bank Limited, National Bank of Pakistan, Bank Alfalah Limited, Habib Bank Limited, Habib Metropolitan Bank Limited, MCB Bank Limited, The Bank of Punjab, Pak Oman Investment Company Limited, JS Bank Limited, and Citi Bank N.A. (Pakistan Branch).
the State Bank designated two entities as Special Purpose Primary Dealers for the fiscal period: Central Depository Company of Pakistan Limited (CDC) and National Clearing Company of Pakistan Limited (NCCPL).
Dealer Performance Results for FY 2025-26
Alongside the fresh appointments for the upcoming fiscal cycle, SBP released the official standings evaluating dealer performance during FY 2025-26. United Bank Limited maintained the highest rank among primary dealers, followed by National Bank of Pakistan in second place and Bank Alfalah Limited in third place.
Affected Parties and Transaction Guidance
The regulatory circular applies to a wide range of market participants, including commercial banks, Development Finance Institutions (DFIs), brokerage entities, institutional investors, and individual retail investors involved in primary auctions or secondary market transactions for Pakistani government debt securities, such as Treasury Bills, PIBs, and Sukuk.
Market participants and investors who plan to participate in primary debt auctions or operate Investor Portfolio Securities (IPS) accounts must execute their transactions through the designated primary dealers or special-purpose primary dealers.