SBP injects Rs1.02 trillion into banks via conventional, Islamic OMOs
The central bank took Rs829.636bn through reverse repo and Rs191.7bn through Mudarabah operations for seven and 14 days, at returns of 12.02% to 12.06%.
The State Bank of Pakistan injected Rs1.021 trillion into the banking system on Friday, 13 November, through conventional and Shariah-compliant open market operations, according to the central bank.
The money was provided for seven and 14 days. Conventional reverse repo operations accounted for Rs829.636 billion of the total on a realised-value basis, and Mudarabah-based Islamic operations for Rs191.7 billion.
In the conventional auctions the SBP received bids worth Rs1.187 trillion in realised value and accepted Rs829.636 billion, against an accepted face value of Rs854.65 billion. It took the entire Rs129.810 billion offered for seven days at 12.02%, accepting all six bids submitted. For the 14-day tenor it accepted Rs699.826 billion out of Rs1.057 trillion offered at 12.06%, taking nine of the 18 bids received.
A notification showed Rs750 billion in face value offered at the 14-day rate of 12.06%, of which Rs613 billion was accepted on a pro-rata basis.
The Islamic facility drew offers of Rs316.963 billion in realised value, of which Rs191.7 billion was allotted. Seven-day placements came to Rs41.7 billion at 12.06% and 14-day placements to Rs150 billion at 12.04%. One bid was received for the seven-day tenor and four for the 14-day tenor. All five quotes were accepted, but the amounts allotted were below what was offered.
Rs245 billion in face value was offered at the 14-day Islamic return of 12.04%, and Rs118.4 billion of it was accepted pro-rata.
Across both formats the SBP received bids of Rs1.543 trillion in face value and accepted Rs1.050 trillion, equal to Rs1.021 trillion in realised value.
Open market operations are the tool the central bank uses to manage the volume of cash available to banks over short periods. Both tenors settled within a band of 12.02% to 12.06%. The Islamic facility's 14-day return of 12.04% was slightly below the 12.06% paid on the conventional 14-day operation, while its seven-day return of 12.06% matched the conventional 14-day rate.
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