SBP to conduct 73-day OMO today

MG News | July 05, 2022 at 12:06 PM GMT+05:00

0:00

July 5, 2022 (MLN): The State Bank of Pakistan (SBP) announced that it will conduct a 73-day OMO today to inject funds into the market.

The quotes timing is 11:30 PST while the result will be announced at 12:30 PST

Settlement is the same day i.e., July 5, 2022.

Yesterday, SBP conducted a 74-day reverse-repo purchase (Injection), wherein the Central Bank rejected the total bids amounting to Rs1.9 trillion which were offered.

On June 24, the SBP announced a 77-day OMO injection into the interbank, which was the longest OMO tenor to date. The injected amount was Rs402.2 billion for 77 days at a 13.84% rate of return accepted per annum.

SBP usually conducts longer tenure OMO to ease liquidity constraints of banks and bring down secondary market yields.

To note, SBP’s monetary policy is scheduled for July 7, 2022, wherein the Central Bank is expected to increase the policy rate to arrest the sharp rise in consumer prices and slow down the overheated economy.

Presently, the policy rate stands at 13.75%.

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