SBP injects Rs2.177 trillion into market through OMOs

The State Bank of Pakistan (SBP) injected Rs2.18 trillion into the market through Open Market Operations (OMOs) on June 28, 2024.

The SBP conducted a Reverse Repo Purchase OMO. For the 7-day tenor, the central bank received 12 bids with a rate range of 20.62% to 20.55%, accepting all 12 bids at a rate of 20.55%, amounting to Rs1.243 trillion. 

For the 28-day tenor, 16 bids were received within a rate range of 20.60% to 20.55%, with all bids accepted at 20.55%, totalling Rs899.9 billion.

Overall, the SBP accepted Rs2.143 trillion through the Reverse Repo Purchase OMO, resulting in a combined total of Rs2.177 trillion accepted across both operations.

In the Shariah Compliant Mudarabah-based OMO injection, the SBP received one bid for the 7-day tenor, with a quote of 20.60%, accepting the entire Rs34 billion offered at this rate. 

However, no bids were received for the 28-day tenor, resulting in no amount being accepted.

These OMOs are part of the SBP’s strategy to ensure adequate liquidity in the financial system.