In a major liquidity move, the State Bank of Pakistan (SBP) injected a total of Rs 11,051.549 billion into the market on Friday through a combination of conventional Reverse Repo Purchase and Shariah-compliant Mudarabah-based Open Market Operations (OMOs).
As part of the operation conducted on July 18, 2025, the SBP accepted Rs 10,933.948 billion under Reverse Repo Purchase (Injection) for 7-day and 14-day tenors, based on 32 submitted quotes. An additional Rs 117.601 billion was infused into the market through Islamic OMOs under the Mudarabah structure.
For the 7-day reverse repo tenor, the central bank received six bids totaling Rs 165.95 billion. The rate of return ranged between 11.09% and 11.10%. All bids were accepted at a return rate of 11.09%, with the entire Rs 165.95 billion realized.
In the 14-day tenor, the SBP attracted 26 bids amounting to Rs 11,072.724 billion, with rates ranging between 11.03% and 11.13%. The central bank accepted all 26 bids, injecting a realized sum of Rs 10,767.998 billion at a return rate of 11.03%. Notably, Rs 5,795 billion was offered at 11.03%, out of which Rs 5,473.95 billion was accepted on a pro-rata basis.
Parallel to the conventional operations, SBP also executed Mudarabah-based OMOs for both 7-day and 14-day tenors. For the 7-day Shariah-compliant window, two bids were received totaling a realized value of Rs 162.857 billion, with return rates between 11.11% and 11.13%. The SBP accepted Rs 101.638 billion at 11.11%. Out of Rs 115 billion offered at this rate, Rs 55 billion was taken on a pro-rata basis.
Additionally, the central bank received two bids for the 14-day Islamic tenor, totaling Rs 15.963 billion at a fixed rate of 11.13%. Both bids were accepted in full.
The move is seen as part of SBP’s ongoing efforts to maintain market liquidity and manage short-term interest rates through calibrated open market operations.
