SBP injects over Rs2.4 trillion via conventional, Shariah-compliant OMOs

The State Bank of Pakistan (SBP) conducted Open Market Operations (OMOs) for injection through both conventional and Shariah-compliant windows on July 24, 2026, accepting a combined face value of Rs2,495,300 million, according to results released by the SBP's Domestic Markets & Monetary Management Department.

Conventional OMO

Under the conventional Reverse Repo Purchase (Injection), the SBP received quotes for two tenors — 7-day and 14-day. Six quotes were offered for the 7-day tenor at rates ranging between 11.54% and 11.56%, while 12 quotes were offered for the 14-day tenor at rates between 11.51% and 11.56%.

Against a total amount offered of Rs2,166,250 million (face value), the SBP accepted Rs1,926,300 million. Of this, Rs76,300 million was accepted for the 7-day tenor at a rate of 11.54%, with all six quotes accepted in full. 

For the 14-day tenor, Rs1,850,000 million was accepted out of Rs2,089,950 million offered, at a cut-off rate of 11.51%, with all 12 quotes accepted. 

The SBP noted that of the total Rs1,258,000 million offered at 11.51%, it accepted Rs1,018,050 million on a pro-rata basis.

Shariah-compliant Mudarabah-based OMO

In the Shariah-Compliant Mudarabah-based Open Market Operation, three quotes were offered for the 7-day tenor at rates between 11.55% and 11.56%, while nine quotes were offered for the 14-day tenor at rates between 11.53% and 11.58%.

The SBP accepted a total of Rs569,000 million (face value) against Rs694,000 million offered. The 7-day tenor saw full acceptance of Rs119,000 million at a rate of 11.55%, with all three quotes accepted. 

For the 14-day tenor, Rs450,000 million was accepted out of Rs575,000 million offered, at a cut-off rate of 11.54%, with 8 out of 9 quotes accepted. 

The SBP said that of the total Rs130,000 million offered at 11.54%, it accepted Rs45,000 million on a pro-rata basis.