SBP Adds Additional Rs382bn for 63 Days
Karachi: According to news sources, the State Bank of Pakistan (SBP) injected Rs1.08 trillion into the money market on Friday as part of yet another open market operation (OMO), this time for an unprecedented 63-day period.
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The SBP injected Rs701 billion at 9.82 percent for seven days and Rs381.75 billion at 9.85 percent for 63 days via the OMO. The OMO is a method employed by the central bank to fine-tune short-term interest rates through the trading of government debt securities with commercial banks.
The new OMO followed an injection of RKR 1.77 trillion a week ago, in which the SBP gave banks money for the first time in recent years with a 63-day maturity.
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On the secondary market, Treasury bills became more expensive after the November monetary policy statement. In its subsequent monetary policy pronouncement on December 14, the SBP hiked the policy rate by 100 basis points, deeming the significant rise in secondary market yields unwarranted. However, rates remained constant at the following government bond auction on December 15.
The SBP has issued Rs1.07 trillion in total liquidity to banks through two 63-day OMOs held one week apart. Consequently, banks will be allowed to bid at a reduced rate for Treasury bills in the December 29 auction. On December 15, the cutoff yield for three-month Treasury bills at the auction was 10.78 percent.
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