OMO Result: SBP injects around Rs13tr

July 17, 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 Rs12.93trillion into the market of which Rs12.5tr were injected through reverse repo OMO.

* Total amount offered at 11.51% was Rs 5,538,000 mio, out of which SBP accepted Rs 5,420,500 mio on pro-rata basis.

Meanwhile, the remaining Rs423.2bn was injected through Shariah-compliant Modarabah-based OMO.

* Total amount offered at 11.52% was Rs258,000 mio, out of which SBP accepted 170,000 mio on pro-rata basis.    

Explanatory Note

Open Market Operation is a tool used by SBP to inject or mop-up funds, based on the liquidity requirements, from the banking system 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 against 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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