Seigniorage Earnings of Commercial Banks and State Bank of Pakistan

Muhammad Farooq Arby ()

MPRA Paper from University Library of Munich, Germany

Abstract: The paper reviews the trend of seigniorage earnings by State Bank of Pakistan and commercial banks. It is found that seigniorage revenue of the SBP has declined overtime which indicates autonomy of the central bank as well as less reliance of the government on SBP’s resources for budget financing. In general, a direct relationship has been observed between seigniorage and inflation in Pakistan. However, at the two extremes of very high or very low inflation an inverse relation is detected.

Keywords: seigniorage; Inflation Tax; Pakistan (search for similar items in EconPapers)
JEL-codes: E40 (search for similar items in EconPapers)
Date: 2006-04
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