The State Bank of Pakistan (SBP) on Thursday injected rupees 114 billion into banking system to fill the demand and supply gap. According to details, SBP conducted Open Market Operation (OMO) on July 16, 2015 and received some 13 offers amounting Rs 114 billion ranging 6.50 percent to 6.55 percent for six-day (injection). SBP accepted all bids and at 6.50 percent rate of return for six days.
From the last few weeks, SBP is continually injecting into the banking system due to massive cash demand on back of huge cash withdrawal for Eid shopping and other purposes. Last Friday, SBP injected over Rs 1.048 trillion for 14 days into the banking system to cover the widening liquidity gap.
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