SBP injects Rs1,327 billion into market

KARACHI
The State Bank of Pakistan (SBP) injected Rs1,327.1 billion in the market on Friday through reverse repo purchase and Shariah Compliant Mudarabah based Open Market Operation (OMO).
According to OMO results issued here, the SBP conducted Open Market Operation, Reverse Repo Purchase (Injection) on July 05, 2024 for 7-day and 28-day tenors and accepted 14 bids amounting to Rs1,286.1 billion.
The central bank received 7 bids for 7-day tenor accumulatively offering an amount of Rs1,051 billion at the rate of return ranging between 20.56 to 20.58 percent. For the 28-day tenor 9 bids amounting to Rs286.1 billion were offered at the rate of return ranging between 20.55% to 20.60%.
The SBP accepted 6 quotes for 7-day tenor amounting to Rs1,001 billion at 20.57% rate of return and 8 quotes for 28-tenor amounting to Rs285.1 billion at 20.56 % annual rate of return.
Meanwhile, the central bank also injected Rs41 billion in the market through Shariah Compliant Mudarabah based Open Market Operation for 7-day and 28-day tenors.
The SBP received bids amounting to Rs41 billion (face value of collateral) at rate of return ranging between 20.57% to 20.60% while no bid was received for 28-day tenor. The central bank accepted both the quotes at 22.57% cut-off rate.