State Bank of Pakistan generated Rs 275 billion through new economic initiative
KARACHI: The State Bank of Pakistan (SBP) has reported that the government raised Rs274.7 billion through T-bills, against the target of Rs400 billion.
The SBP conducted the auction for the sale of 3-month, 6-month and 12-month Government of Pakistan Market Treasury Bills (MTBs), and received bids amounting to over Rs1.1 trillion.
Bids worth Rs695.4 billion were received for 3-month T-bills, Rs148.1 billion for 6-month T-bills while 12-month government papers fetched bids amounting to Rs269.4 billion.
Out of the received bids, the federal government raised Rs170.4 billion from 3-month bids, Rs22.3 billion from 6-month T-bills, and Rs82 billion from 12-month T-bills.
The total acceptance in the auction, including non-competitive bids, was Rs327.1 billion.
Most of the bidding was concentrated in the short term 3-month T-bills, reflecting a possible anticipation of a policy rate cut.