Karachi September 21 2022: On September 21, 2022, SBP raised PKR 1,399 billion through the auction of market treasury bills.
This is the first time in the history of Pakistan that the yield across all bills nears 16 percent as Rupee at record low against dollar.
Pakistan Rupee depreciates 8.83% or 21.04 in last fourteen sessions. Pakistan currency hit low of 239.94 on 29th July 2022 on uncertainty of IMF program.
Monsoon rains have caused devastating floods in Pakistan, leaving millions homeless, destroying buildings, bridges and roads and leaving vast swathes of the country under water.
Pakistan, which was already reeling from dwindling currency reserves and inflation at the highest in decades, is now facing losses from a terrible natural disaster. More than a third of the country is under water and about half a million people have been forced into relief camps. With crops and livestock swept away, the government has warned of a looming food crisis.
The government received total bids worth PKR 2,479 billion and the highest bids of PKR 1,850 billion for 3 Month T-bills followed by PKR 338 billion for 12 Months and PKR 290 billion for 6 Months.
Cut-off yields remained unchanged for 3M while increased by 15 and 1 basis points for 6M and 12M.
The cut-off yield for 3 Months, 6 Months, and 12 Months of paper settled at 15.9999 percent, 15.9998 percent, and 15.9900 percent, respectively.
The government raised PKR 1,399 billion in the latest auction against a target of PKR 1,500 billion. Out of this PKR 1,273 billion has been raised through 3M T-Bill.
