SBP Injects Over Rs. 9.9 Trillion into Money Market at 11.01% Rate

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.