Daily Times

The State Bank of Pakistan (SBP) injected Rs9,218 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 August 30, 2024 for 7-day and 28-day tenors and accepted 32 bids cumulatively amounting to Rs9,103 billion. The central bank received 31 bids for 7-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% rate of return. For the 7-day tenor, the central bank accepted an amount of Rs9,100 billion for all the 31 quotes at 19.56 % rate of return while single quote for 28-day tenor worth Rs3 billion was accepted at 19.62% rate of return. Meanwhile, the central bank also conducted Shariah Compliant Mudarabah based Open Market Operation for 7-day and 28-day tenors and injected Rs115 billion in the market. For the 7-day tenor, the SBP received two bids amounting to Rs115 billion at the 19.60% rate of return while no bid was received for 28-day tenor. The central bank accepted both the bids offered for 7-day tenor at 19.60% cut-off rate.