The government successfully raised Rs704 billion through the auction of treasury bills, significantly exceeding the pre-set goal for the event. The auction, held on Wednesday, saw a considerable turnout with bids totaling Rs992.4 billion.
During this auction, the State Bank of Pakistan (SBP) garnered Rs541.5 billion for three-month treasury bills at an interest rate of 21.66%, marking an increase of 26 basis points from previous figures.
Despite expectations for a rate cut, the yield for six-month treasury bills remained steady at 20.39%, with a modest sum of Rs5.3 billion raised.
Notably, the yield for the 12-month treasury bills experienced a substantial rise of 60 basis points, settling at 20.89%, with the auction raising Rs102.5 billion for this duration.
This adjustment in yields came in the wake of the monetary policy announcement on March 18, where the SBP maintained the interest rate at 22%, citing ongoing inflationary pressures as a significant concern.
