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KARACHI, Dec 08 (APP):State Bank of Pakistan, Friday, injected Rs. 4564.1 billion in the market through reverse repo purchase and Shariah Compliant Modarabah Open Market Operation (OMO).
According to OMO results issued here, the SBP conducted Open Market Operation, Reverse Repo Purchase (Injection) on December 8, 2023 for 3 different tenor of 7, 14 and 28 days.
The central bank for the 7-day tenor received 27 quotes amounting to Rs.3711.55 billion offered at the rate of return ranging between 22.07 to 22.15 % p.a.
Moreover, for the 14-day tenor 8 quotes amounting to Rs.67.9 billion were offered at the rate of return ranging between 22.10 to 22.16 % while for the 28-day tenor 12 quotes amounting to Rs.639.65 billion were offered at the rate of return ranging between 22.06 to 22.13 %.
The central bank accepted all the 47 quotes offered with amount adding to Rs.4419.1 billion at the return rate of 22.07, 22.10 and 22.06 % for 7, 14 and 28 days respectively.
Meanwhile, the central bank also conducted Shariah Compliant Mudarabah based Open Market Operation for 3 different tenors of 7, 14 and 28 days, in which it received only one bid amounting to Rs.145 billion (Face Value of Collateral) for 7-day tenor at 22.07% rate of return while no bids were received for 14 and 28 day tenors.
The SBP accepted the quote at cut-off rate of 22.07%.