SBP mops up Rs1.197trln from banks

KARACHI: The State Bank of Pakistan on Thursday soaked up Rs1.197 trillion from the banking system through open market operation to curb excessive liquidity, the central bank said.

The SBP received bids worth Rs1.202 trillion, of which accepted bids valued at Rs1.197 trillion. The rate of return stood at 6.44 percent/annum. The bid range for the one-day repo sale ranged from 6.25 percent to 6.50 percent, it added.