Pakistan, May 24 -- The State Bank of Pakistan (SBP) took a big step to support the financial system on Friday. It injected over Rs 12.8 trillion into the money market through open market operations (OMOs). These injections help banks stay liquid and meet short-term funding needs. SBP used both conventional and Islamic methods to do this.

The main part of the injection came from reverse repo purchases. SBP accepted Rs 12.42 trillion in total. These purchases included 7-day and 21-day lending periods. The 21-day operation drew strong interest with 28 bids worth Rs 12.13 trillion. SBP accepted Rs 11.9 trillion at a fixed rate of 11.03%. It also accepted Rs 2.74 trillion on a pro-rata basis from bids offered at that same rate.

In the 7-day...