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Once the Bank has identified the appropriate settlement cash level, it can conduct OMOs and utilise its operational tools accordingly.
Each eligible participant will be allowed to submit maximum three bids in an OMO. Minimum bid size will be Rs.
The RBI also announced to conduct the purchase of government securities under OMO for Rs 150 billion on December 20.
Nevertheless, we expect the CBN to sustain its weekly OMO mop ups in the week,' Afrinvest (West) Africa Limited stated.
However, it added that this OMO amount is indicative with the RBI retaining the flexibility to change it, depending on the evolving liquidity and market conditions.
"Based on an assessment of prevailing liquidity conditions and also of the durable liquidity needs going forward, the Reserve Bank has decided to conduct purchase of the following Government securities under OMOs for an aggregate amount of Rs 100 billion on November 29, 2018 through multi-security auction using the multiple price method," RBI said in a separate release.
OMOs are the tools which can be used to either inject or drain liquidity from the system.
The central bank said, "Based on an assessment of the durable liquidity needs going forward and the seasonal growth in currency in circulation observed in build-up to the festive season, RBI has decided to conduct purchase of Government securities under OMOs for an aggregate amount of Rs 360 billion in the month of October."
OMOs are market operations conducted by RBI by way of sale/purchase of government securities to/from the market with an objective to adjust the rupee liquidity conditions in the market on a durable basis.
Mumbai: The Reserve Bank today said it will buy government securities via open market operations (OMOs) on March 10 to infuse liquidity of Rs 15,000 crore into the system.
The regular Tuesday Open Market Operation (OMO) involves repurchase transactions for maturities of up to three months.
On liquidity management, the Governor said RBI will use all instruments including open market operations (OMO) to ensure enough liquidity in the market.
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