In Treasury Bills Auction held on Wednesday 16-June-2021, State Bank of Pakistan slightly decreased the cut-off yields on treasury bills (T-bills) and raised PKR 1,139.8 billion.

SBP fixed a cut-off yield of 7.59% on the benchmark six-month T-bills, marking no rise from last auction. A total of PKR 728bn was raised against six-month T-Bills. For 3 months T-Bills, the cut-off yield slightly declined by 2 bps to 7.33%. Total bids accepted for three months were PKR 410.9 billion.

SBP accepted bids of PKR 0.5 billion in 1-year tenor where cut off yield stood at 7.67%. The particiaption in the 1-Year paper remained low signifying market opinion that Interest Rates are bound to increase in six months period.

SBP received total bids of PKR 1,905 billion for the auction of T-bills while it accepted PKR 1,139.8 billion, including amount raised through non-competitive bids.

Despite the increase in inflation in May-2021 and higher expected inflation in upcoming months, cut-off yields have stabilized at current levels. The bidding pattern suggests ample liquidity in the banking system was behind stable yields.

T-Bill TenorAmount Offered
PKR Billion
Amount Accepted
PKR Billion
Cut-Off Yield
Previous Cut-Off
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