KARACHI: The government raised Rs210 billion through the auction of Pakistan Investment Bonds (PIBs) on Tuesday while it slashed rates by up to 14 basis points.

The government raised the highest amount of Rs77.3bn for the five-year PIBs at the rate of 9.85 per cent. It raised Rs50.5bn for three-year and Rs47.5bn for 10-years PIBs at 9.27pc and 10.25pc, respectively.

The government raised Rs12bn each for 15 and 20-year PIBs at the rate of 10.48pc and 10.61pc, respectively.

The three, five and 10-year PIB rates were reduced by 14bps, 5bps and 4bps, respectively. The government raised Rs199bn from fixed rate PIBs against the target of 125bn.

The total amount raised by the government through non-competitive bids and short-selling was Rs210.5bn.

Published in Dawn, April 14th, 2021