SBP injects over Rs12.24 trillion in market

According to Business Recorder, the State Bank of Pakistan pumped more than Rs12.24 trillion into the financial system on Friday to keep liquidity steady. The injection came through Reverse Repo Purchase and Shariah Compliant Mudarabah based Open Market Operations, covering 7 and 14-day tenors. Most of the money was placed through the conventional repo window, which drew 35 bids.

The remaining Rs668 billion went through the Shariah-compliant Mudarabah channel. On the 14-day repo tenor, the SBP received 30 bids with returns between 11.51% and 11.56%, and accepted most at 11.51%. The 7-day repo bids were fully accepted at 11.54%, from five quotes.

In the Mudarabah operations, the central bank took all 7-day bids at 11.53%, while Rs600 billion of the 14-day bids was accepted at the same rate. Part of the 14-day Mudarabah demand was scaled back on a pro-rata basis, the report said. The report gave no further detail on the central bank's next steps.