SBP provides Rs11.772tn to banks

Karachi: State Bank of Pakistan has provided Rs11.772 trillion to banks for open market operations.

According to the central bank, funding of Rs2.643 trillion has been provided to conventional banks for seven days at an interest rate of 17.56 percent.

Apart from this, funding of Rs9.003 trillion for 28 days at 17.56% interest rate has been done to conventional banks, while funding of Rs125 billion has been done to Islamic banks for seven days at 17.59 percent interest rate.

The State Bank said that no bid was given for the 28-day market operation.