Daily Times

The State Bank of Pakistan (SBP) injected Rs3,089.9 billion in the market through reverse repo purchase and Shariah Compliant Mudarabah based Open Market Operation (OMO) on Friday.

According to OMO results issued here, the SBP conducted Open Market Operation, Reverse Repo Purchase (Injection) on November 15, 2024 for 7-day and 28-day tenors and accepted total 25 bids cumulatively amounting to Rs2,928.4 billion.

The central bank received 19 bids for 7-day tenor cumulatively offering an amount of Rs2,056.9 billion at the rate of return ranging between 15.04 to 15.10 percent while 6 bids were received for the 28-day tenor offering total amount of Rs871.5 billion at the rate of return ranging between 15.04 to 15.08 %.

The central bank accepted the entire amount offered through all the 19 bids for 7-day tenor and 6 bids for 28-day tenor at 15.04 % rate of return.

Meanwhile, SBP also conducted Shariah Compliant Mudarabah based Open Market Operation for the 7-day and 28-day tenors and injected Rs161.5 billion in the market.

The central bank received 3 bids for 7-day tenor quoting an amount of Rs161.5 billion at the rate of return ranging between 15.08 to 15.16 % while no bid was received for 28-day tenor. The SBP accepted the entire amount of the 3 offered quotes for 7-day tenor at 15.08% rate of return.

Separately, the State Bank of Pakistan, Friday, suspended authorization of an Exchange Company on violation of relevant rules and regulations and barred it from undertaking any business.

“The State Bank of Pakistan suspended the authorization of Exchange Company namely M/s Islamabad Exchange Company (Pvt.) Limited with immediate effect till further orders, upon violations of SBP rules and regulations,” a statement issued here read.

The Exchange Company, its head office and authorized branches have been debarred from undertaking any kind of business activity during the suspension period, it added.