The State Bank of Pakistan (SBP) injected Rs3,174.35 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 an Open Market Operation, Reverse Repo Purchase (Injection) on August 09, 2024, for 7-day and 28-day tenors and accepted 30 bids cumulatively amounting to Rs3,084.35 billion.
The central bank received 13 bids for 7-day tenor cumulatively offering an amount of Rs732.2 billion at the rate of return ranging between 19.57 to 19.60 percent while 19 bids were received for the 28-day tenor offering an amount of Rs2,542.25 billion at the rate of return ranging between 19.55 to 19.61%.
The SBP accepted all 13 quotes for a 7-day tenor amounting to Rs550 billion at 19.57 % rate of return while 17 quotes for 28-day tenor amounting to Rs2,534.35 billion were accepted at 19.57% rate of return.
Meanwhile, the central bank also conducted Shariah Compliant Mudarabah-based Open Market Operations for 7-day and 28-day tenors and injected Rs90 billion in the market. For the 7-day tenor, the SBP received one bid amounting to Rs90 billion (face value of collateral) at 19.58% rate of return while no bid was received for 28-day tenor. The central bank accepted the single bid for 7-day tenor at 19.58% cut-off rate.