SBP injects Rs11.27 trn through conventional, Islamic OMOs

Central bank accepts Rs10.67 trillion in conventional reverse repo injections and Rs603 billion through Shariah-compliant Mudarabah-based operations The State Bank of Pakistan (SBP) injected a combined Rs11.2735 trillion into the banking system through conventional and Shariah-compliant open market operations (OMOs) on September 11, 2026, according to results released by the central bank. The SBP accepted Rs10.6705 trillion on a face-value basis through its conventional reverse repo purchase operation and another Rs603 billion through Shariah-compliant Mudarabah-based OMOs. In the conventional OMO, banks offered a total face value of Rs11.10025 trillion across seven-day and 14-day tenors, against which the SBP accepted Rs10.6705 trillion. The realised value of the accepted amount stood at Rs10.39526 trillion. For the seven-day conventional operation, the central bank received seven quotes ranging from 11.57% to 11.54%. Banks offered Rs295.5 billion in face value, with a realised value of Rs290.626 billion. The SBP accepted the entire Rs295.5 billion face value, with a realised value of Rs290.626 billion, at an annual rate of return of 11.54%. All seven quotes were accepted. The bulk of the conventional liquidity injection came through the 14-day tenor. The SBP received 36 quotes ranging from 11.56% to 11.51%, carrying a total offered face value of Rs10.80475 trillion and a realised value of Rs10.521366 trillion. Of this, the central bank accepted Rs10.375 trillion in face value, equivalent to a realised value of Rs10.104634 trillion, at an accepted annual rate of return of 11.51%. All 36 quotes were accepted, although part of the amount at the relevant rate was accepted on a pro-rata basis. The SBP document states that Rs4.759 trillion was offered at 10.51%, of which the central bank accepted Rs4.32925 trillion on a pro-rata basis. This figure is reproduced as stated in the SBP document; the same document lists the 14-day quote range and accepted rate as 11.56%-11.51% and 11.51%, respectively. Separately, the SBP conducted a Shariah-compliant Mudarabah-based OMO injection on the same day, accepting the entire Rs603 billion offered on a face-value basis. The realised value of the Islamic injection amounted to Rs593.678 billion. Under the seven-day Shariah-compliant operation, two quotes were submitted in a range of 11.56% to 11.55%. The offered face value was Rs11 billion, with a realised value of Rs10.920 billion. The SBP accepted the full Rs11 billion at an annual rate of return of 11.55%, with both quotes accepted. For the 14-day Islamic OMO, seven quotes were received in a range of 11.56% to 11.54%. Banks offered Rs592 billion in face value, carrying a realised value of Rs582.758 billion. The central bank accepted the entire Rs592 billion at an annual rate of return of 11.54%, with all seven quotes accepted. Taken together, the conventional and Shariah-compliant operations involved accepted face values of Rs11.2735 trillion. On a realised-value basis, the combined amount accepted stood at Rs10.988938 trillion, comprising Rs10.39526 trillion through conventional OMOs and Rs593.678 billion through the Shariah-compliant operation.