SBP injects Rs13.85 trillion through conventional, Shariah-compliant OMOs

The State Bank of Pakistan (SBP) injected Rs13.851 trillion into the banking system through conventional and Shariah-compliant open market operations on July 3, 2026, according to separate OMO results issued by the central bank.

In the conventional OMO, the SBP conducted a reverse repo purchase injection and accepted bids worth Rs13.429 trillion in face value against total offered bids of Rs13.929 trillion. The realised value of the accepted amount stood at Rs13.037 trillion.

The central bank accepted Rs1.189 trillion for the seven-day tenor at a rate of return of 11.54% per annum. The offered and accepted amount for this tenor was the same, with five quotes accepted.

For the 14-day tenor, banks offered Rs12.740 trillion, of which the SBP accepted Rs12.240 trillion in face value at 11.51% per annum. The realised value of the accepted 14-day amount was Rs11.900 trillion.

The SBP said Rs5.979 trillion was offered at 11.51% in the 14-day conventional tenor, of which Rs5.479 trillion was accepted on a pro-rata basis.

The SBP also conducted a Shariah-compliant Mudarabah-based OMO injection and accepted Rs422 billion in face value against total offers of Rs513 billion. The realised value of accepted bids stood at Rs419.289 billion.

Under the Shariah-compliant operation, the SBP accepted Rs170 billion for the seven-day tenor at 11.52% per annum. Two quotes were offered and both were accepted.

For the 14-day Shariah-compliant tenor, Rs343 billion was offered and Rs252 billion was accepted at 11.52% per annum. The realised value of the accepted amount was Rs249.914 billion.

The central bank said Rs203 billion was offered at 11.52% in the 14-day Shariah-compliant tenor, of which Rs112 billion was accepted on a pro-rata basis.

Overall, the SBP received Rs14.442 trillion in face value across the two operations and accepted Rs13.851 trillion. On realised-value basis, the total accepted liquidity injection stood at Rs13.456 trillion.

Open market operations are used by the central bank to manage short-term liquidity in the money market and keep market rates aligned with the monetary policy framework.