KARACHI, Aug 3: The State Bank on Thursday raised Rs15 billion by selling T-bills through open market operation (OMO).

The bids offered were to the tune of Rs30 billion but the State Bank preferred to leave the liquidity in the market.

Dealers said the banks were still struggling to get higher return but the SBP raised the money at 8.4 per cent. This rate is close to the rate of three-month T-bills and the SBP raised the amount for two weeks.

The dealers said the rate offered by the SBP was fairly attractive and close to the discount rate. They said the SBP did not punish banks for asking higher return on T-bills in the auction held last Wednesday.

Analysts said the SBP would hold more OMOs to pick the excess liquidity and the banks would also be able to understand that how much the SBP could offer them.