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KARACHI, Aug 01 (APP): The State Bank of Pakistan (SBP), on Friday, injected Rs 12,878.069 billion in the market through Reverse Repo Purchase and Shariah Compliant Mudarabah based Open Market Operations (OMO).
The central bank conducted the Open Market Operation, Reverse Repo Purchase (Injection) for 7 and 14 day tenors on August 01 and accepted an amount of Rs 12,603.535 billion against 39 quotes while another Rs 274.534 billion were injected through Shariah Compliant Mudarabah based OMO.
For the Reverse Repo Purchase, SBP received 10 quotes for the 7-day tenor cumulatively offering Rs 893.309 billion at the rate of return ranging between 11.02% to 11.10%. SBP accepted all the bids with the total realized value amounting to Rs 893.309 billion at 11.02% rate of return.
Moreover, the SBP also received 29 bids for the 14-day tenor cumulatively offering Rs 11,953.462 billion at the rate of return ranging between 11.01 to 11.12%. The SBP accepted an amount of Rs 11,710.226 billion against 29 bids at 11.01% rate of return. The total amount offered at 11.01% was Rs 5,345 billion, out of which SBP accepted Rs 5,089.25 billion on a pro-rate basis.
Meanwhile, SBP also conducted Shariah Compliant Mudarabah based Open Market Operation for 7 and 14 day tenors. The central bank received one bid for the 7-day tenor offering Rs 121.245 billion at 11.15% rate of return. The SBP accepted the quote with the entire amount at the offered rate.
The central bank also received two bids for the 14-day tenor offering Rs 153.289 billion at 11.13% rate of return. SBP accepted both the bids with the entire amount at the offered rate.