State Bank of Pakistan Designates Primary Dealers and Special-Purpose Primary Dealers for FY 2026-27

New Primary Dealer Appointees for FY 2026-27

On July 23, 2026, the State Bank of Pakistan (SBP) issued DMMD Circular No. 03 to formally designate the primary market dealers for Fiscal Year 2026-27. Under the regulatory framework governing the Primary Dealer system, the central bank appointed ten financial institutions as Primary Dealers (PDs) and two market infrastructure organizations as Special-Purpose Primary Dealers (SPDs).

Designated Financial Institutions and Infrastructure Entities

The ten commercial banks and investment firms selected as Primary Dealers for the FY 2026-27 term are 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 Citibank N.A. (Pakistan Branch).

Additionally, two key market infrastructure institutions: the Central Depository Company of Pakistan Limited (CDC) and the National Clearing Company of Pakistan Limited (NCCPL): have been appointed as Special-Purpose Primary Dealers for the same fiscal cycle.

Selection Framework and Top Performers

The evaluation and selection were conducted in accordance with the regulatory structure set out in DMMD Circular No. 07 dated April 12, 2021, following an application call issued via DMMD Circular Letter No. 06 on May 7, 2026.

Alongside the formal appointments, the State Bank of Pakistan highlighted the top-performing primary dealers from FY 2025-26. United Bank Limited achieved first place, followed by National Bank of Pakistan in second place, and Bank Alfalah Limited in third place. Specific rankings for other primary dealers and special-purpose primary dealers for FY 2025-26 were not publicly released in the circular and are being communicated confidentially to each institution by the SBP.

Market Impact and Steps for Investors

This update impacts commercial banks, investment companies, market infrastructure bodies, treasury operations, and both institutional and retail investors involved in Pakistani Government Securities, including Market Treasury Bills (MTBs), Pakistan Investment Bonds (PIBs), and Sukuk.

Investors and market participants intending to submit non-competitive bids during primary debt auctions or conduct transactions within the secondary government securities market should execute their trades through the designated 10 Primary Dealers or SPDs for the 2026-27 fiscal year.