State Bank completes open market operations worth Rs 266 billion

The State Bank of Pakistan has provided a total of Rs 266 billion to banks under open market operations to maintain liquidity in the country’s financial system.

According to the details, Rs 55.9 billion was provided to conventional banks for 7 days, on which an interest rate of 11.06 percent will be applicable. Rs 98.3 billion was provided to Islamic banks for the same period, on which an interest rate of 11.14 percent has been kept.

In addition, funding was also provided through 14-day market operations. Rs 57.4 billion was given to conventional banks at an interest rate of 11.01 percent, while Rs 55 billion was given to Islamic banks at an interest rate of 11.13 percent.

According to economic experts, the aim of this move is to improve the flow of capital in the financial sector and maintain the continuity of interest rates.