SBP injects Rs1,012.3b into market through OMO

KARACHI: State Bank of Pakistan (SBP), injected Rs1,012.3 billion in the market through reverse repo purchase Open Market Operation (OMO).

According to OMO results issued here, the SBP conducted Open Market Operation, Reverse Repo Purchase (Injection) on October 4, 2024 for 7-day and 28-day tenors and accepted 11 bids totaling to Rs1,012.3 billion.

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The central bank received 9 bids for 7-day tenor cumulatively offering an amount of Rs882.3 billion at the rate of return ranging between 17.56 to 17.65 percent while 2 bids amounting to Rs130 billion were received for the 28-day tenor at the rate of return ranging between 17.60 to 17.61 %.

The central bank accepted all the 9 quotes worth Rs882.3 billion for the 7-day tenor at 17.56% rate of return while the 2 bids for 28-day tenor amounting to Rs130 billion were accepted at 17.60% rate of return.

The SBP, meanwhile, also conducted Shariah Compliant Mudarabah based Open Market Operation for the 7-day and 28-day tenors but no bid was received for both the tenors.