SBP injects Rs1.33 trillion into market through OMOs

The State Bank of Pakistan (SBP) injected Rs1.33 trillion into the market through a reverse repo and Shariah-compliant Modarabah-based Open Market Operations (OMOs) on Friday. 

The SBP injected Rs 1.29 trillion into the market through a reverse repo purchase in the conventional framework. 

Details from the SBP’s Monetary Management Department show that the reverse repo OMO included offers for both 7-day and 28-day tenors. In the 7-day category, Rs 1.001 trillion of the Rs 1.051 trillion offered was accepted, with the interest rate pegged at 20.57% per annum. 

In the 28-day tenor, the bank accepted Rs 285.1 billion of Rs 286.1 billion offered, at an interest rate of 20.56% per annum.

The SBP also carried out a Shariah-compliant Mudarabah-based OMO, where Rs 41 billion was injected into the economy. 

This operation solely focused on the 7-day tenor, accepting both bids submitted within the interest rate range of 20.60% to 20.57%. 

No bids were received for the 28-day tenor.