SBP injects Rs809.7b into market

F.P. Report

KARACHI: The State Bank of Pakistan, Friday, injected Rs 809.7 billion in the market through reverse repo purchase and Shariah Compliant Mudarabah based Open Market Operation (OMO) cumulatively.

According to OMO results issued here, the SBP conducted Open Market Operation, Reverse Repo Purchase (Injection) on May 17, 2024 for tenors of 7 and 28 days. The central bank received two quotes for 7-day tenor amounting to Rs 89 billion offered at the rate of return ranging between 22.09 to 22.10 percent and 13 quotes for 28-day tenor amounting to Rs 827.7 billion at the rate of return ranging between 22.05 to 22.10 per cent.

Of them, the SBP, accepted for 7-day tenor all the two quotes at 22.09 per cent rate of return p.a. While for the 28-day tenor 11 quotes amounting to Rs 658.70 billion were accepted at 22.07 % return rate.

Meanwhile, the central bank also conducted Shariah Compliant Mudarabah based Open Market Operation for tenors of 7 and 28 days. The SBP received three quotes amounting to Rs 62 billion for 7-day tenor at the rate of return ranging between 22.08 per cent to 22.11 per cent while no bid was received for 28-day tenor. The SBP accepted all the three quotes at cut-off rate of 22.08 per cent.