SBP mops up Rs84.450bn from market

KARACHI: State Bank of Pakistan on Tuesday mopped up Rs 84.450 billion from money market for three days as reverse repo through its open market operation.

Open Market Operation is a tool used by the State Bank of Pakistan to inject or mop-up funds, based on the liquidity requirements, from the banking system via the purchase or sale of eligible securities.

The rate of return accepted is 5.65 per cent per annum, says SBP statement.