KARACHI: The State Bank of Pakistan (SBP) has added Rs 3.37 trillion in the last seven days to overcome rupee depreciation in the financial market.
Bankers told the Tribune that the demand for financing from the government is very high at the moment, with the State Bank of Pakistan, through its open market operations (OMOs), raising Rs 3 trillion for seven days for the second time in the last three weeks. A record amount of excess has been added.
According to Central Bank data available from March 24, 2008, Rs 3 trillion is equivalent to 15% of the total deposits in banks at present. A banker, speaking on condition of anonymity, said that The government cannot borrow directly from the SBP following the terms of the IMF's 6 6 billion loan program and recent amendments to SBP rules. Is lending to the government and commercial banks are providing the required financing to the government.
Ahmed Ali Siddiqui, senior vice president of a private bank, said it was the second time that the SBP had added funds to Islamic banks, although the service was available to Islamic banks from December 2021.
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