State Bank injects Rs 489.95b in banking system

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The State Bank of Pakistan on Friday injected Rs489.95 billion into the money market through a 7-day reverse repo to help banks meet their liquidity requirement ahead of the weekly settlement. In a statement, the central bank said it injected the amount at 8.93 percent per annum. The banks had offered bids worth Rs531.45 billion for the open market operation.