SBP injects Rs2.24 trillion through OMOs

The State Bank of Pakistan (SBP) injected Rs2.24 trillion into the market on Friday through reverse repo purchases and Shariah-compliant Mudarabah-based Open Market Operations (OMO). 

According to the OMO results, the SBP conducted reverse repo purchases (injections) on September 20, 2024, for 7-day and 28-day tenors, accepting 25 bids amounting to Rs2.075 trillion in total.

For the 7-day tenor, the central bank received 20 bids offering a cumulative amount of Rs1.86 trillion at rates ranging from 17.56% to 17.60%. Additionally, five bids worth Rs217 billion were received for the 28-day tenor, with rates ranging from 17.58% to 17.60%. 

The SBP accepted the total amount of Rs2.08 trillion offered for both tenors, with the 7-day tenor bids accepted at a 17.56% rate of return, and the 28-day tenor bids accepted at 17.58%.

Additionally, the SBP conducted a Shariah-compliant Mudarabah-based OMO, injecting Rs125 billion into the market. 

One bid amounting to Rs161 billion was received for the 7-day tenor at a 17.58% rate of return, which was accepted by the central bank. 

No bids were received for the 28-day tenor.