In a new economic initiative, State Bank of Pakistan raises Rs 240 billion
KARACHI: In new economic initiative, State Bank of Pakistan raises Rs 240 billion, media report has revealed.
The State Bank of Pakistan (SBP) reported the government has raised Rs239.7 billion through T-bills. 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 Rs518.254 billion with a realized amount of Rs 482.455 billion.
For the last several auctions, the government has been raising liquidity less than its target amounts, reflecting its fiscal concerns. It has also stopped borrowing from SBP, which was a major source of financing for the past few years.
Bids worth Rs 222.894 billion were received for 3-month T-bills, Rs 108.084 billion for 6-month while 12-month government papers fetched bids amounting to Rs 187.275 billion.
Out of the received bids, the federal government accepted bids amounting to Rs 239.714 billion with a realized value of Rs 288.165 billion through the auction of 3-, 6- and 12-month short-term government papers. The borrowed amount is lower than the tentative borrowing target of Rs 600 billion for this auction.