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KARACHI: The government raised Rs518 billion through auction and non-competitive bids for treasury bills on Wednesday, with the highest cut-off yield reaching approximately 12 per cent.
The State Bank of Pakistan (SBP) reported that investors, mainly commercial banks, submitted bids totalling Rs2.192 trillion, but the government raised only Rs237.6 billion through the auction.
However, for the first time, the government raised a higher amount of Rs280.3bn from non-competitive bids than from auction. This may be due to provincial governments’ bids, which reached as high as Rs200bn for three-month papers.
Collectively, the government raised Rs518bn through auction and non-competitive bids, with the highest amount raised for three-month T-bills — Rs118.7bn through auction and Rs230.8bn through non-competitive bids.
