SBP injects over Rs 2.12tr in market

KARACHI: The State Bank of Pakistan (SBP) injected Rs 2,120.95 billion in the market through reverse repo purchase and Sharia-compliant Mudarabah-based Open Market Operations (OMO) on Friday.

The SBP conducted the Open Market Operation, Reverse Repo Purchase (Injection) for 7-day tenor on March 21 and accepted 20 bids amounting to Rs 1,549.25 billion while another Rs 571.7 billion were injected through Shariah Compliant Mudarabah based OMO.

The central bank received 20 bids for 7-day tenor cumulatively offering Rs 1,801.1 billion at the rate of return ranging between 12.08 to 12.1 per cent.

The SBP accepted an amount of Rs 1,549.25 billion offered through 20 quotes for the 7-day tenor at 12.08 per cent rate of return.

Total amount offered at 12.08 per cent was Rs1,126.4 billion, out of which SBP accepted Rs874.5 billion on pro-rata basis.

Meanwhile, the SBP also conducted Sharia-compliant Mudarabah-based Open Market Operation for the 7-day tenor. The central bank received 10 bids for 7-day tenor offering an amount of Rs 571.7 billion at the rate of return ranging between 12.08 to 12.1 per cent. The SBP accepted the entire amount offered through all the 10 quotes at 12.08 per cent rate of return.