Islamabad, Sep 6: Through the use of reverse repo purchases and Mudarabah-based Open Market Operations (OMO) that adhere to Shariah regulations, the State Bank of Pakistan (SBP) contributed Rs10,718.9 billion to the market on Friday.
The SBP conducted Open Market Operation, Reverse Repo Purchase (Injection) on September 6, 2024 for 7-day and 28-day tenors, and 34 bids totaling Rs10,613.9 billion were accepted, according to OMO findings released here.
The central bank received 34 bids totaling Rs10,613.9 billion for the 7-day tenor, with rates of return ranging from 19.56 to 19.65 percent. No bids were received for the 28-day tenor. At a 19.56 percent rate of return, the central bank approved all 34 quotations for the 7-day tenor, totaling Rs 10,613.9 billion.
In the meantime, the central bank introduced Rs105 billion into the market through a Shariah-compliant Mudarabah-based Open Market Operation for 7-day and 28-day tenors. The SBP received one proposal totaling Rs105 billion at a 19.60% rate of return for the 7-day tenor, while no bid was made for the 28-day tenor. At a cut-off rate of 19.60%, the central bank approved the sole bid submitted for a 7-day tenor.
