The government has secured over Rs869 billion through the sale of treasury bills (T-bills) in the auction held on Wednesday. The PIB auction was also held, where limited participation was witnessed.
As per the State Bank of Pakistan, Total bids of Rs2.124 trillion were received in the T-Bills auction but the government raised close to its target of Rs900bn. The major portion was raised for six-month T-bill while bids for 12-month papers were rejected.
The cut-off yields on three-month papers were slightly changed to 7.47 per cent, while the cut-off yield on six-month paper remained the same at 7.8 per cent.
The highest bids were offered for three-month papers, but the government preferred to accept maximum amount for six-month T-bills.
The PIB auction was also held where limited participation was witnessed as the total offered bids were Rs10.55bn, where The government raised only Rs4.4bn for two-year papers.
The total bidding pattern for both auctions indicate that Financial Institutions are expecting a rise in the interest rate in a few months time.
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