SBP provides over Rs4,000bn to banks for market operations

Karachi: The State Bank of Pakistan (SBP) said that Rs4,093 billion have been provided to the banks for market operations.

According to State Bank, conventional banks were given Rs4,041 billion at 17.56 percent annual interest rate in seven-day market operations.

State Bank officials stated that conventional banks were given Rs26 billion at a 17.59 percent annual interest rate in 28-day market operations, while seven-day funding of Rs25 billion was provided to Islamic banks at a 17.56 percent interest rate.

State Bank said Islamic banks have not sent any offer for 28-day funding.