The government plans to raise Rs6.175 trillion over the three months from August to October 2025 through the auction of Market Treasury Bills (MTBs) and Pakistan Investment Bonds (PIBs), as outlined in the auction calendars released by the State Bank of Pakistan (SBP).
The target is broken down as follows: Rs3.675 trillion is to be raised through MTBs, Rs1.1 trillion through PIBs with fixed rates, and Rs1.4 trillion through PIBs with floating rates.
Category-wise target breakdown:
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MTBs: Rs3,675 billion
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PIBs (Fixed Rate): Rs1,100 billion
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PIBs (Floating Rate): Rs1,400 billion
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Total: Rs6,175 billion
SBP plans to conduct seven MTB auctions during this period. The schedule includes two auctions in August: the first on August 6 with a target of Rs400 billion, and the second on August 20 with a target of Rs450 billion. September will see two auctions: one on September 3 with a target of Rs700 billion, and the second on September 17 with a target of Rs225 billion. In October, three more auctions are scheduled: October 1 (Rs700 billion), October 15 (Rs600 billion), and October 29 (Rs600 billion).
Additionally, SBP aims to raise Rs2.5 trillion through PIB sales, which include Rs1.1 trillion from fixed-rate PIBs and Rs1.4 trillion from semiannual floating PIBs. Three PIB auctions are planned for this quarter, with targets of Rs300 billion on August 1, and Rs400 billion for the September 4 and October 14 auctions.
SBP also recently revised the coupon rates for Fixed-Rate PIBs, effective from July 10, 2025.
