KARACHI, June 30: The State Bank of Pakistan siphoned off liquidity from the market on Monday and announced to sell Treasury bills worth Rs80 billion on Wednesday next.

The SBP picked up Rs38 billion, of which Rs31 billion were collected against the sale of T-bills for 31 days, while the rest was for 3 days.

Dealers said the money market was significantly liquid and the Open Market Operation of the SBP was expected, which entered the market to maintain its tight monitory approach.

The dealers did not participate in the auction of Pakistan Investment Bonds last Saturday despite having substantial liquidity in the wake of political uncertainty. The SBP also announced that it would sell Treasury bills for 3, 6 and 12 months. The total amount for the auction will be Rs80 billion.