KARACHI: The State Bank of Pakistan (SBP) injected Rs2,429.65 billion in the market through reverse repo purchase and Shariah Compliant Modaraba-based Open Market Operations (OMO) on Friday.

The SBP conducted Open Market Operation, Reverse Repo Purchase (Injection) on January 3 for 7-day and 28-day tenors and, as per results issued, accepted an amount of Rs2,245.65 billion offered through 23 bids.

The central bank received 10 bids for 7-day tenor cumulatively offering an amount of Rs1,455.8 billion at the rate of return ranging between 13.04 to 13.09 percent while 13 bids were received for the 28-day tenor offering an amount of Rs1,145.65 billion at the rate of return ranging between 13.04 to 13.08 %.

O/N and reverse-repo rates revised

The central bank accepted an amount of Rs1,100 billion offered through 10 quotes for 7-day tenor at 13.04% rate of return. Total amount offered at 13.04% was Rs427 billion, out of which SBP accepted Rs100 billion on pro rata basis. The SBP also accepted all the 13 quotes offered for 28-day tenor amounting to Rs1,145.65 billion at 13.04% rate of return.

Meanwhile, the SBP also conducted Shariah Compliant Mudarabah based Open Market Operation for the 7-day and 28-day tenors and injected Rs184 billion into the market while accepting the 5 quotes offered.

The central bank received 4 bids for 7-day tenor quoting an amount of Rs179 billion at the rate of return ranging between 13.08 to 13.10 % and one bid for 28-day tenor amounting to Rs5 billion at 13.08% rate of return.

The SBP accepted all the 5 quotes for 7-day and 28-day tenors with the entire offered amount at 13.08% rate of return.