SBP injects Rs1.24 trillion

KARACHI: The State Bank of Pakistan (SBP) on Friday injected Rs1.24 trillion in the interbank market in a seven-day reverse repo to ensure liquidity in the banking system.

The central bank injected the amount at 6.04 percent -- slightly above the policy rate.

The overnight rates closed flat at 6.13 percent, higher from the previous day's closing of 6.08 percent amid tight liquidity in the interbank market.

Dealers said the banks required liquidity and offered the central bank to lend against maturities.

They said that there were scheduled outflows also, while banks were borrowing cash to meet their weekly reserves requirement.