Karachi (July 19, 2018): State Bank of Pakistan on Thursday injected Rs 1.268 billion into money market for eight days as reverse repo purchase through its open market operation.
The rate of return of accepted is 7.53 per cent per annum, said SBP release.
Earlier In a worrying development for Pakistan, foreign exchange reserves held by the central bank plunged a massive 4.39% on a weekly basis, according to data released on Thursday.
The alarming level, which has now hit a four-year low, raises concerns over the country’s ability to finance a hefty import bill and meet debt obligations in coming months. Already it has forced the State Bank of Pakistan’s (SBP) hand at letting the rupee go on four separate occasions since December 2017.
On July 13, foreign currency reserves held by SBP were recorded at $9,063.6 million, down $415.9 million compared with $9,479.5 million in the previous week.
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