The federal government intends to raise Rs4.825 trillion through Market Treasury Bills (T-bills) and Pakistan Investment Bonds (PIBs) between September and November 2025, the State Bank of Pakistan (SBP) announced.Â
However, this target is lower than earlier plans, which aimed to generate Rs6.2 trillion in auctions during the August-October period.
According to the SBP’s auction calendar, the government plans to collect Rs2.875 trillion via T-bills with maturities of one, three, six, and twelve months. It also seeks Rs1.950 trillion through fixed- and floating-rate PIBs with tenures of two, three, five, 10, and 15 years.
The auction targets follow recent early repayments of over Rs1.6 trillion to the SBP, including Rs1.133 trillion on August 29 and Rs500 billion in June, lowering total borrowing in less than a year to over Rs2.6 trillion. This has reduced SBP debt from Rs5.5 trillion to Rs3.8 trillion, nearly 30% ahead of its 2029 maturity.
The SBP reported a net profit of Rs2.5 trillion for FY2025, transferring Rs2.428 trillion to the government. Analysts say the inflow could ease borrowing needs and support fiscal stability, especially as climate-related risks affect economic activity.
Inflation in Pakistan unexpectedly fell to 3.0% in August from 4.0% in July. Market participants are closely monitoring the SBP’s upcoming policy meeting on September 15 to see if interest rates will be cut. The central bank held its key rate at 11% last month, after lowering it from 22% in June 2024.
