KARACHI: The State Bank of Pakistan (SBP) has reported that the government raised Rs16.1 billion through Pakistan Market Treasury Bills (T-bills), against the auction target of Rs100 billion.
The SBP conducted the auction for the sale of 3-month, 6-month and 12-month T-bills and received bids amounting to over Rs585.7 billion.
Bids worth Rs258.5 billion were received for 3-month T-bills, Rs157.4 billion for 6-month T-bills, while 12-month government papers fetched bids amounting to Rs169.7billion.
Out of the received bids, the federal government raised Rs853 million for 3-months, Rs250 million for 6-months and Rs15 billion for 12-months.
The total acceptance in the auction, including non-competitive bids, was Rs54.1 billion.
The cut-off yield for 3-month bids was at 6.85pc, down from 7.80pc. The yield for 6-month bids was at 6.6pc, down from 7.48pc, while the yield for 12-month bids stood at 6.85pc, down from 7.36pc.
The next auction date for T-bills is set for June 15, with a target amount of Rs100 billion.