KARACHI: The State Bank of Pakistan (SBP) on Friday injected Rs 9,218 billion in the market via Reverse Repo Purchase and Shariah Compliant Mudarabah based Open Market Operation (OMO).
As per the OMO results, the central bank conducted Open Market Operation, Reverse Repo Purchase (Injection) on August 30, 2024 for seven-day and 28-day tenors and accepted 32 quotes amounting to Rs9,103 billion.
The central bank overall received 31 bids for a seven-day tenor cumulatively offering an amount of Rs9,287.3 billion at the rate of return ranging between 19.56 to 19.65 percent while one bid was received for the 28-day tenor offering an amount of Rs3 billion at the 19.62 percent rate of return.
For the seven-day tenor, the state bank accepted an amount of Rs9,100 billion for all 31 quotes at 19.56 percent rate of return while a single quote for 28-day tenor worth Rs 3 billion was accepted at 19.62 percent rate of return.
Meanwhile, the bank also conducted Shariah Compliant Mudarabah-based Open Market Operation for seven-day and 28-day tenors and injected Rs115 billion into the market.
For the seven -day tenor, the SBP received two bids worth Rs115 billion at the 19.60 percent rate of return while no quote was received for the 28-day tenor. The central bank accepted both bids offered for a seven-day tenor at 19.60 percent cut-off rate.
