State Bank of Pakistan to buy govt paper in reverse repo

KARACHI: State Bank of Pakistan (SBP) would buy government paper from commercial banks on Friday in seven-day reverse repo to inject funds into the money market, Geo News reported.

The SBP did not say how much cash it would inject into the banking system through the open market operation.

The result of the auction will be announced at 1030 a.m. (0530 GMT) and settlement will be later in the day.