SBP injects over Rs10 trillion into market

Karachi: The State Bank of Pakistan (SBP) injected Rs10,129.3 billion in the market on Friday through Reverse Repo Purchase and Shariah Compliant Mudarabah based Open Market Operation (OMO).

According to OMO results issued on Friday, the SBP conducted Open Market Operation, Reverse Repo Purchase (Injection) on July 12, 2024 for 7-day and 28-day tenors and accepted all the 42 received bids amounting to Rs10,074.3 billion.

The central bank received 25 bids for 7-day tenor accumulatively offering an amount of Rs 8,102.75 billion at the rate of return ranging between 20.54 to 20.60 percent. For the 28-day tenor 17 bids amounting to Rs1,971.55 billion were offered at the rate of return ranging between 20.54 percent to 20.60 percent.

The SBP accepted all 25 quotes for 7-day and 17 quotes for 28-tenor at 20.54 percent annual rate of return.

Meanwhile, the central bank also injected Rs 55 billion in the market through Shariah Compliant Mudarabah based Open Market Operation for 7-day tenor.

For the 7-day tenor, the SBP received one bid amounting to Rs55 billion (face value of collateral) at 20.58 percent rate of return while no bid was received for 28-day tenor. The central bank accepted the single quote at 22.58 percent cut-off rate.