The State Bank of Pakistan (SBP) injected nearly Rs2 trillion into the banking system through conventional and Shariah-compliant open market operations on January 23, 2026, to meet short-term liquidity requirements.
Under the conventional reverse repo open market operation, the central bank injected Rs1.6488 trillion for a seven-day tenor at a cut-off rate of 10.51%. Bids worth Rs1.614 trillion were received, and all were accepted at the same rate.
At the same time, the SBP conducted a Shariah-compliant Mudarabah-based open market operation, accepting Rs550 billion in face value with a realised value of Rs531.0 billion. The operation was carried out for a seven-day tenor at a rate of return of 10.51%.
Total bids received under the Islamic open market operation stood at Rs644 billion. Officials said bids at the cut-off rate were partially accepted on a pro-rata basis, indicating strong demand that exceeded the amount injected at that level.