KARACHI:
The State Bank of Pakistan (SBP) on Friday infused a massive Rs13.514 trillion into the banking system through open market operations (OMOs), aiming to ease liquidity pressures faced by commercial banks.
Official figures show that Rs12.8 trillion was injected via a seven-day reverse repo agreement, while Rs453 billion was added through a 14-day reverse repo. Additionally, the SBP conducted a Shariah-compliant modaraba-based OMO, contributing Rs411 billion to support the Islamic banking sector.
The move underscores the central bank’s ongoing effort to indirectly meet the government’s financing requirements amid constraints tied to IMF agreements.
Meanwhile, the Pakistani rupee weakened further, falling 0.10% against the US dollar. The local currency closed at 282.96 per dollar, down 29 paisa from the previous day’s close of 282.67.
The rupee’s dip coincided with rising global demand for safe-haven currencies such as the US dollar, Japanese yen, and Swiss franc, triggered by heightened geopolitical uncertainty following Israeli airstrikes on Iran.
Reflecting the tense global climate, gold prices in Pakistan surged in line with international markets. The price of gold rose by Rs4,600 per tola, hitting Rs361,500, as investors turned to the precious metal for security amid escalating regional tensions.
