OMO Result: SBP injects over Rs13.85tr

July 03, 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 Rs13.85 trillion into the market of which Rs13.43tr were injected through reverse repo OMO.

*SBP accepted Rs5,478,800m on a pro-rata basis against total offers of Rs5,979,000m at a cut-off yield of 11.51%.         

Meanwhile, the remaining Rs422bn was injected through Shariah-compliant Modarabah-based OMO.

*SBP accepted Rs112,000m on a pro-rata basis against total offers of Rs203,000m at a cut-off yield of 11.52%.

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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