The State Bank for Pakistan(SBP) held T-Bills auction on Wednesday in which it raised PKR 708.45 billion against 3 and 6 months T-bills. The target set for the auction was PKR 700 billion while maturing T-Bills were Rs.571 billion. The Cut off yield for 3 and 6 months stood at 7.4% and 7.6871% respectively.
Total Bids offered were PKR 1,702.54 billion out of which PKR 590.13 billion were accepted. Bids of PKR 545 billion for 3 months and PKR 1,066for 6 months were received against which PKR 242.68 billion and Rs. 347.45 billion were accpetd respectively. While bids for the 12 month T-Bill were rejected.
Moreover, the SBP accepted PKR 118.33 billion from the non-competitive auction, making the total amount accepted PKR708.45 billion.
While, in Floating rate PIB auction, the SBP accepted PKR 12.09 billion through the sale of 2 year PIBs while bids of 3 and 5 years were rejected.
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