The State Bank of Pakistan (SBP) on Friday pumped Rs 623.35 billion into the banking system. The money injected was through open market operation for seven-day contracts at an annual rate of return of 6.50 percent. The 26 bids offered amounted to Rs 623.35 billion at a rate of return ranging from 6.57 to 6.50 percent. All the 26 bids were accepted. The State Bank of Pakistan is believed to carry out injection through OMOs when there is a liquidity crunch in the money market. The OMO, SBP chief spokesman Abid Qamar said, was a regular one to cater to the "banks requiring liquidity to meet (their) reserve requirements".
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