In a substantial intervention to maintain domestic financial stability, the State Bank of Pakistan (SBP) executed massive “liquidity injections” totaling Rs13.76 trillion into the banking system through conventional and Shariah-compliant “open market operations” (OMOs) on November 6, 2026.
According to official results released by the central bank, the comprehensive financial maneuver comprised Rs13.36 trillion allocated via conventional reverse repo operations and an additional Rs402.50 billion routed through Shariah-compliant mechanisms, based on accepted face values.
The combined accepted realized value across both banking operations culminated at Rs13.43 trillion.
| Operation Type | Tenor | Accepted Face Value | Annualized Rate | Realized Value |
| Conventional | 14-Day | Rs13.05 trillion | 12.01% | Rs12.73 trillion |
| Conventional | 7-Day | Rs307.90 billion | 12.01% | Rs304.70 billion |
| Shariah-Compliant | 14-Day | Rs402.50 billion | 12.04% | Rs400.20 billion |
| Shariah-Compliant | 7-Day | Rejected | — | — |
Within the conventional OMO framework, the SBP accepted bids holding a face value of Rs13.36 trillion against total market offers of Rs13.67 trillion. The central bank recorded 43 total bids in this category, capturing 37 for the 14-day tenor and six for the seven-day tenor. While all 43 quotes were strictly accepted, the central bank did not take up the full face value offered for the 14-day timeline. Instead, the SBP executed a pro-rata acceptance of Rs6.24 trillion from the Rs6.56 trillion offered at the 12.01% rate.
Simultaneously, the Shariah-compliant operation saw the central bank accept Rs402.50 billion against total market offers of Rs611 billion. The SBP decisively rejected the single seven-day bid of Rs150 billion, opting instead to accept eight of the nine submitted quotes for the 14-day tenor. In this segment, the bank accepted Rs31.50 billion on a pro-rata basis from Rs70 billion offered at the 12.04% rate.
“Both operations were conducted as liquidity injections, through which the central bank provides funds to the banking system for specified periods.”
The targeted allocations underscore the central bank’s ongoing mandate to regulate interbank liquidity and anchor short-term borrowing costs amid broader macroeconomic adjustments.