Islamabad, Aug 23: KARACHI: Through reverse repo purchases and Open Market Operations (OMO) based in Mudarabah that adhere to Shariah law, State Bank of Pakistan (SBP) contributed Rs966.5 billion to the market on Friday, according to ARY News.
The SBP conducted Open Market Operation, Reverse Repo Purchase (Injection) on August 23, 2024, for 7-day and 28-day tenors, and accepted 20 bids totaling Rs816.5 billion, according to OMO findings released here.
For the 7-day tenor, the central bank received 19 bids totaling Rs1,119.4 billion at a rate of return ranging from 19.58 to 19.65 percent, and for the 28-day tenor, it received 2 bids totaling Rs16.5 billion at a rate of return ranging from 19.61 to 19.62%.
18 bids totaling Rs 800 billion for a 7-day tenor were approved by the SBP at a rate of return of 19.59%, while 2 quotes totaling Rs 16.5 billion for a 28-day tenor were approved at a rate of return of 19.61%.
In the meantime, the central bank introduced Rs. 150 billion into the market through a Shariah-compliant Mudarabah-based Open Market Operation for 7-day and 28-day tenors.
The SBP received two bids totaling Rs 197 billion for the 7-day tenor, with rates of return varying from 19.58 to 19.60%; no bid was made for the 28-day tenor. At a cut-off rate of 19.58%, the central bank approved the sum of Rs150 billion given through both bids for a 7-day tenor.
