SBP injects Rs12.58 trillion through conventional, Islamic OMOs

The State Bank of Pakistan injected Rs12.580 trillion into the money market on Friday through conventional and Shariah-compliant open market operations, with most of the liquidity provided for a 14-day tenor.

The central bank conducted a conventional reverse repo purchase operation and a Shariah-compliant Mudarabah-based injection on July 17, 2026.

On a face-value basis, the SBP accepted combined bids of Rs12.929 trillion against total offers of Rs13.135 trillion. The realised value of the accepted bids, representing the liquidity provided through the two operations, stood at Rs12.580 trillion.

Under the conventional operation, financial institutions offered securities with a face value of Rs12.623 trillion and a realised value of Rs12.279 trillion.

The SBP accepted securities worth Rs12.506 trillion on a face-value basis, with the realised amount reaching Rs12.165 trillion.

For the seven-day conventional operation, the central bank accepted the entire offered amount of Rs255.850 billion in face value and Rs249.644 billion in realised value. All 10 quotes were accepted at a rate of return of 11.54% per annum.

For the 14-day tenor, participants offered Rs12.368 trillion in face value, carrying a realised value of Rs12.029 trillion. The SBP accepted Rs12.250 trillion in face value and Rs11.915 trillion in realised value at 11.51%, covering 31 quotes.

At the 11.51% cut-off rate, bids worth Rs5.538 trillion were submitted, of which the central bank accepted Rs5.421 trillion on a pro-rata basis.

In the Shariah-compliant Mudarabah-based operation, Islamic financial institutions submitted bids with a face value of Rs511.200 billion and a realised value of Rs501.720 billion.

The SBP accepted Rs423.200 billion in face value, translating into a realised liquidity injection of Rs414.718 billion.

For the seven-day Islamic operation, the central bank accepted the full Rs63.200 billion face value offered by participants, with a realised value of Rs62.933 billion. Five quotes were accepted at an annual return of 11.53%.

For the 14-day tenor, bids totalled Rs448 billion in face value and Rs438.787 billion in realised value. The SBP accepted Rs360 billion in face value and Rs351.785 billion in realised value at a return of 11.52%, covering four quotes.

The central bank received Rs258 billion in bids at the 11.52% cut-off rate and accepted Rs170 billion on a pro-rata basis.

The bulk of the liquidity was provided through the 14-day operations, which accounted for a combined realised value of Rs12.267 trillion. Seven-day conventional and Islamic injections together amounted to Rs312.577 billion.