Karachi August 17 2024: The State Bank of Pakistan (SBP) injected PKR 901.6 billion in 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 Open Market Operation, Reverse Repo Purchase (Injection) on August 16, 2024 for 7-day and 28-day tenors and accepted 12 bids cumulatively amounting to PKR 755.6 billion.
The central bank received 7 bids for 7-day tenor cumulatively offering an amount of PKR 719.9 billion at the rate of return ranging between 19.58 to 19.59 percent while 13 bids were received for the 28-day tenor offering an amount of PKR 318.6 billion at the rate of return ranging between 19.57 to 19.60%.
The SBP accepted 6 quotes for 7-day tenor amounting to PKR 550 billion at 19.59 % rate of return while 6 quotes for 28-day tenor amounting to PKR 205.6 billion were accepted at 19.59% rate of return.
Meanwhile, the central bank also conducted Shariah Compliant Mudarabah based Open Market Operation for 7-day and 28-day tenors and injected PKR 146 billion in the market.
For the 7-day tenor, the SBP received two bids amounting to PKR 146 billion (face value of collateral) at the rate of return ranging between 19.58 to 19.60 % while no bid was received for 28-day tenor. The central bank accepted both the offered bids for 7-day tenor at 19.58% cut-off rate.
