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The State Bank of Pakistan (SBP) conducted a major Reverse Repo (Injection) Open Market Operation (OMO) on October 17, 2025, injecting Rs. 9.94 trillion into the money market to support short-term liquidity. The official document has been uploaded on SBP’s website.
Two Tenors, One Rate by SBP
SBP accepted bids under 7-day and 14-day tenors, both at an 11.01% annual rate of return.
- For the 7-day tenor, the central bank accepted Rs. 1.29 trillion in face value.
- For the 14-day tenor, it accepted Rs. 8.65 trillion.
This brings the total accepted amount to Rs. 9.94 trillion, with a realized value of Rs. 9.53 trillion.
| Tenor | Rate Range (%) | Number of Quotes |
|---|---|---|
| 7-day | 11.10 – 11.00 | 14 |
| 14-day | 11.07 – 11.01 | 13 |
Strong Market Participation
The operation attracted strong participation from commercial banks, with 14 quotes for the 7-day and 13 quotes for the 14-day tenor. The total amount offered at 11.01% stood at Rs. 5.3 trillion, out of which SBP accepted Rs. 5.19 trillion on a pro-rata basis.
| Tenor | Amount Offered
(Face) |
Amount Offered
(Realized) |
Amount Accepted
(Face) |
Amount Accepted
(Realized) |
Rate of Return
(% p.a.) |
Quotes Accepted |
|---|---|---|---|---|---|---|
| 7-day | 1,290,850 | 1,262,407 | 1,290,500 | 1,262,065 | 11.01 | 13 |
| 14-day | 8,760,600 | 8,372,134 | 8,650,000 | 8,267,550 | 11.01* | 13 |
Significance
Through these injections, SBP aims to ease short-term liquidity pressures and stabilize interbank rates. Maintaining the rate at 11.01% reflects the central bank’s steady stance on monetary management in the current environment.
