State Bank raises Rs 17 billion from OMO

State Bank on Friday conducted Open Market Operation (OMO) and raised Rs 17 billion but no change was noted in banks' liquidity position as the overnight rate remained at much low level.
The SBP conducted Repo sale and picked up Rs 10 billion for two weeks at the rate of 1.1 percent.
It raised Rs 7 billion for four weeks at 1.25 percent. The bids offered were Rs 23.100 billion.
Experts said the market was still long with Rs 20 billion which was the reason that overnight rate remained at 0.5 percent. However, it slightly improved from 0.25 percent on previous day.