SBP injects Rs966.5 billion into market

KARACHI: State Bank of Pakistan (SBP) injected Rs966.5 billion in the market on Friday through reverse repo purchase and Shariah Compliant Mudarabah based Open Market Operation (OMO), ARY News reported.

According to OMO results issued here, the SBP conducted Open Market Operation, Reverse Repo Purchase (Injection) on August 23, 2024 for 7-day and 28-day tenors and accepted 20 bids cumulatively amounting to Rs816.5 billion.

The central bank received 19 bids for 7-day tenor cumulatively offering an amount of Rs1,119.4 billion at the rate of return ranging between 19.58 to 19.65 percent while 2 bids were received for the 28-day tenor offering an amount of Rs16.5 billion at the rate of return ranging between 19.61 to 19.62%.

The SBP accepted 18 quotes for 7-day tenor amounting to Rs800 billion at 19.59 % rate of return while 2 quotes for 28-day tenor amounting to Rs16.5 billion were accepted at 19.61% rate of return.

Meanwhile, the central bank also conducted Shariah Compliant Mudarabah based Open Market Operation for 7-day and 28-day tenors and injected Rs150 billion in the market.

For the 7-day tenor, the SBP received two bids amounting to Rs197 billion at the rate of return ranging between 19.58 to 19.60 % while no bid was received for 28-day tenor. The central bank accepted an amount of Rs150 billion offered through both bids for 7-day tenor at 19.58% cut-off rate.