SBP Injects Over Rs2.6 Trillion Into Market

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SBP injects over Rs2.6 trillion into market

The State Bank of Pakistan (SBP), Friday, injected Rs2,601.55 billion in the market through reverse repo purchase and Shariah Compliant Mudarabah based Open Market Operation (OMO)

KARACHI, (UrduPoint / Pakistan Point News - 21st Jun, 2024) The State Bank of Pakistan (SBP), Friday, injected Rs2,601.55 billion in the market 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 June 21, 2024 for 7-day and 28-day tenors and accepted all the 31 received bids amounting to Rs2,471,550 million.

The central bank received 20 quotes for 7-day tenor amounting to Rs1,984.7 billion offered at the rate of return ranging between 20.56 to 20.63 percent. For the 28-day tenor an amount of Rs486.

85 billion was offered through 11 quotes at the rate of return ranging between 20.55% to 20.59%.

The SBP accepted all the 20 bids for 7-day tenor at 20.56% and 11 bids for 28-tenor at 20.55 % annual rate of return.

Meanwhile, the central bank also injected Rs130 billion in the market through Shariah Compliant Mudarabah based Open Market Operation for 7-day and 28-day tenors.

The SBP received one quote amounting to Rs130 billion (face value of collateral) at 20.58% rate of return while no bid was received for 28-day tenor. The central bank accepted the quote at 22.58% cut-off rate.