Karachi July 12 2023: On July 12, 2023, SBP raised PKR 663 billion, less than the targeted amount through the auction of market treasury bills despite offering record rates to investors.
On June 26, 2023, the MPC convened an emergency meeting and decided to raise the policy rate by 100 bps to 22 percent, effective 27th June 2023.
The government received total bids worth PKR 1,996 billion and the highest bids of PKR 1,499 billion for 3 Month T-bills followed by PKR 335 billion for 12 Months and PKR 161 billion for 6 Months.
Cut-off yields increased by 80 basis points for 3 Month T-Bills, 90 basis points for 6 Month papers and 99 basis points for 12 Months.
The cut-off yield for 3 Months, 6 Months, and 12 Months paper settled at 22.7999 percent, 22.9600 percent, and 22.9897 percent, respectively.
Government raise an amount of PKR 404 billion in 3 Months followed by PKR 240 billion in 12 Months and 19 billion in 6 Months papers.
The government raised PKR 663 billion in the latest auction against a target of PKR 900 billion.
