Karachi November 1 2023: On November 1 2023 the State Bank of Pakistan (SBP) raised a total of PKR 1,148 billion through the auction of market treasury bills with significant reduction in returns demanded by investors for longer tenure papers.
Cut-off yields drop for 3 Month, 6 Month and 12 Month papers and investors demand fall below Policy rate of 22 percent on anticpation of ease in interest rates. Moreover, majority of the acceptance remained in 12 Month tenure as investors.
The government received total bids worth PKR 4,183 billion and the highest bids of PKR 2,465 billion for 12 Month T-bills followed by PKR 1,085 billion for 3 Months and PKR 632 billion for 6 Months.
Cut-off yields decreased by 25 basis points for 3 Month T-Bills, 41 basis points for 6 Months and 40 basis points for 12 Month papers.
The cut-off yield for 3 Months, 6 Months and 12 Months paper settled at 21.9495 percent, 21.9898 and 21.9999 percent, respectively.
Government raise an amount of PKR 807 billion in 12 Months followed by PKR 255 billion in 3 Months and PKR 85 billion in 6 Months.
The government raised PKR 1,148 billion in the latest auction against a target of PKR 975 billion