OMO Result: SBP injects Rs15tr into Market

March 27, 2026 (MLN): The State Bank of Pakistan (SBP) conducted a reverse repo and Shariah Compliant Modarabah-based Open Market Operation (OMO) today, in which it cumulatively injected a total of Rs15.01trillion into the market, of which Rs14.36tr were injected through reverse repo OMO.

 *Total amount offered at 10.51% was PKR 6,167,000 mio, out of which SBP accepted 6,062,500 mio on pro-rata basis.

Meanwhile, the remaining Rs651bn was injected through Shariah-compliant Modarabah-based OMO.

 *Total amount offered at 10.56% was PKR 267,000 mio, out of which SBP accepted 82,450 mio on pro-rata basis.

Explanatory Note

Open Market Operation is a tool used by SBP to inject or mop up funds from the banking system, based on liquidity requirements, via the purchase or sale of eligible securities.

Operationally, in case of OMO (Injections), SBP lends funds to banks/Primary Dealers (PDs) against eligible collateral to address liquidity shortage in the system.

For OMO (Injections), marketable government securities, i.e. Market Treasury Bills (MTBs) and Pakistan Investment Bonds (PIBs) are eligible securities.

In OMO (Mop-up), SBP sells MTBs to banks in exchange for funds to remove surplus liquidity from the system.

Eligible collateral for OMO (Mop-up) includes selling MTBs (on repo or outright basis) to banks for removing excess liquidity from the system.

In case of Bai-Muajjal, a Shariah compliant tool for managing liquidity in the Islamic banking system, GOP Ijara Sukuk are eligible securities.

Banks and PDs are eligible counterparties to OMO transactions. For Bai Muajjal transactions, Islamic banks and specialized Islamic windows of conventional banks are eligible counterparties.

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