KARACHI: The State Bank of Pakistan (SBP) has reported that the government raised Rs274.5 billion through T-bills, against the target of Rs300 billion.
The SBP conducted the auction for the sale of 3-month, 6-month and 12-month Government of Pakistan Market Treasury Bills (MTBs) and received bids amounting to over Rs1,061 billion.
Bids worth Rs778.7 billion were received for 3-month T-bills, Rs129.9 billion for 6-month T-bills while 12-month government papers fetched bids amounting to Rs152.4 billion.
Out of the received bids, the federal government raised Rs142.5 billion from 3-month bids, Rs1.7 billion from 6-month T-bills and Rs130.7 billion from 12-month T-bills.
The total acceptance in the auction, including non-competitive bids, was Rs293.1 billion.
The cut-off yield for 3-month bids was 13.41pc, whereas for 6-month bids, it was at 13.29pc and 13.51pc for 12-month.
As for the last three auctions of MTBs, most of the bidding was concentrated in the short term 3-month T-bills.
Previously, this bidding pattern had indicated possible anticipation of a policy rate cut. But the current interest rate has remained stubbornly at 13.25pc since July 16, 2019.
The next auction date for T-bills is set for February 26, with a target amount of Rs300 billion.
