SBP raises Rs679.89bn via T-bills auction

Web Desk — In the auction conducted by the State Bank of Pakistan (SBP) on Wednesday, the cut-off yield for Treasury bills was raised by up to 80 basis points.

Through the auction of three, six, and 12-month T-bills, the government raised Rs679.89 billion while the target was Rs600 billion.

The cut-off yields for 3, 6, and 12 months saw an increase of 80, 75, and 60 basis points to stand at 12.80%, 13.25%, and 13.30%, respectively.

The total amount raised for 3-month T-bills was Rs373.31bn, Rs148.28bn for 6-month, and Rs123.46bn for 12-month MTBs.

In addition, the SBP picked up Rs645.05bn from the competitive auction and Rs34.84bn from non-competitive bids, making the total amount accepted Rs679.89bn.

According to the definition, treasury bills are zero coupon instruments issued by the Government of Pakistan and sold through the SBP via fortnightly auctions.