SBP injects Rs15 bln into banking system

SBP injects Rs15 bln into banking system

Updated at: 0256 PST, Friday, November 27, 2009 KARACIH: State Bank of Pakistan (SBP) injected Rs15 billion into the banking system Thursday to ease off the liquidity crunch in the market at a rate of 11.90 percent for nine days. The amount was injected through open market operation. According to sources, the banks offered Rs23.50 billion treasury bills for sale, however the Central Bank accepted Rs15 billion bids for nine days at a rate of 11.90 percent. According to money market dealers, there was an outflow due to Eid-ul-Adha, hence the Central Bank had to carry out an open market operation to remove the shortage