KARACHI: The State Bank of Pakistan (SBP) on Friday injected Rs1.8 trillion through an Open Market Operation (OMO) into the banking system for 63 days at 13.84 per cent, slightly higher than its policy rate of 13.75pc.

At the same time, it also injected Rs1.4tr for seven days at 13.78pc.

Through these two OMOs, the SBP injected a total of Rs3.2tr in the banking system. The SBP also injected Rs498.5bn through Modarabah-based 7-day OMO.

Three months before, the SBP had conducted a 63-day OMO and injected Rs425bn at a rate of 9.91pc on Jan 7.

Money market experts said the injection for 63 days provides banks liquidity for a longer-term that stabilises rates in the money market.

Banks asked to submit digital fraud data

The State Bank said on Friday that it has been decided that all banks and micro finance banks (MFBs) will additionally submit data on all digital frauds and scams.

The SBP issued a circular to CEOs and presidents of all banks and MFBs asking them to collect information regarding the frauds and scams. The decision was taken after reports appeared in the media that, with the increasing digitisation of banks, the number of frauds and scams had increased. Several Banking Mohtasib reports also indicated an increase in the number of problems encountered by banking customers.

“This will include all frauds and scams reported at call centres or through other means, such as email, letters, etc., or otherwise detected by the banks and MFBs themselves,” said the SBP circular.

Banks and MFBs will report data as per the prescribed format to the Banking Supervision Department-2 of the SBP on a monthly basis.

Published in Dawn, May 28th, 2022