The local money market seems to have excess liquidity that forced the State Bank of Pakistan (SBP) on Friday to mop up around Rs 31.5 billion within a short span of three days. Friday saw the regulator moping up some Rs 25.5 billion from the inter-bank liquidity market by conducting open market operations under the 3-day repo sale contract of the Government of Pakistan Market Treasury Bills (MTBs). The State Bank had recently contracted MTBs under the repo sale worth Rs 6.0 billion against Rs 18.250 billion offered by bidders.
