KARACHI: The government on Wednesday raised Rs137.68 billion, out of total bids worth Rs338.2bn, through auction of Pakistan Investment Bonds (PIBs) while the cut-off yields slightly declined.

The cut-off yield for three-year PIBs slightly decreased by four basis points to 11.75 per cent at which the government borrowed Rs55bn.

Through the five-year bonds, the government raised Rs47.67bn at the cut-off rate of 11.19pc, slipping from 11.45pc in the previous auction.

Meanwhile, an amount of Rs35bn was raised for 10 years at a cut-off yield of 10.99pc, which declined from 11.35pc.

During the current fiscal year, the government has remained within or close to the target amount, indicating that it is cautiously trying to reduce the fiscal gap.

Published in Dawn, December 12th, 2019