Karachi August 4 2024: The State Bank of Pakistan (SBP) injected PKR 9,567.25 billion equivaluent to USD 34.2 billion into the market on Friday through reverse repo purchase and Shariah Compliant Mudarabah-based Open Market Operation (OMO).
According to OMO results issued here, the SBP conducted an Open Market Operation, Reverse Repo Purchase (Injection) on August 02, 2024, for 7-day and 28-day tenors and accepted 44 bids cumulatively amounting to PKR 9,482.25 billion.
The central bank received 16 bids for a 7-day tenor cumulatively offering an amount of PKR 982.25 billion at the rate of return ranging between 19.56 to 19.62 percent while 29 bids were received for the 28-day tenor offering an amount of PKR 8,807.95 billion at the rate of return ranging between 19.55 to 19.62 percent.
The SBP accepted all 16 quotes for a 7-day tenor amounting to PKR 982.25 billion at 19.56 percent rate of return while 28 quotes for 28-day tenor amounting to Rs8,500 billion were accepted at 19.56 percent rate of return.
Meanwhile, the central bank also conducted Shariah Compliant Mudarabah based Open Market Operations for 7-day and 28-day tenors and injected PKR 85 billion in the market.
For the 7-day tenor, the SBP received one bid amounting to PKR 85 billion (face value of collateral) at 19.58% rate of return while one bid was received for 28-day tenor amounting to PKR 30 billion at 19.57 percent rate of return.
The central bank accepted the bid for 7-day tenor at 19.58 percent cut-off rate while the bid for 28-day tenor was rejected by the SBP.
