KARACHI: The cut-off yields on treasury bills were slightly reduced by up to five basis points in the auction held on Wednesday but the amount raised exceeded the target.

The government raised Rs592 billion through the auction of three-, six- and 12-month T-bills while the target was Rs500bn. However, the maturity was even lower at Rs326bn.

The overall government borrowing from banks during the first seven months of the current fiscal year plunged by 65.7 per cent to Rs292.7bn compared to Rs853.6bn in the same period last year.

This year so far, the government kept its bank borrowing on the lower side which helped the private sector to borrow record high from the banks.

However, the non-bank sector is actively participating in the auction of securities enabling the government to borrow while keeping the banks liquid at the same time.

The return on the three-month T-bills remained unchanged as the government accepted Rs256.1bn at 10.30pc.

An amount of Rs172.6bn was raised for six-month with a cut-off yield at 10.66pc, a fall of three basis points over the last auction held on Jan 26.

The government lowered the cut-off yield on 12-month papers by 5bps and raised just Rs81.4bn.

It also raised Rs83bn through non-competitive bids making the total Rs592.26bn.

The government also raised Rs149bn through auction of Pakistan Investment Bonds. It raised Rs42bn for two years and Rs106.5bn for three years. An amount of Rs750 million was raised as non-competitive bids.

Published in Dawn, February 10th, 2022

Follow Dawn Business on Twitter, LinkedIn, Instagram and Facebook for insights on business, finance and tech from Pakistan and across the world.

Opinion

Editorial

Moving forward
Updated 29 Sep, 2023

Moving forward

It is hoped that the ECP followed the set rules diligently while demarcating constituency boundaries.
Pipeline in stasis
Updated 30 Sep, 2023

Pipeline in stasis

If finding dollars to fund the scheme is difficult, alternative currencies can be used.
Playing in India
Updated 29 Sep, 2023

Playing in India

WITH visa issues resolved, and after slight alterations in travel plans, Pakistan’s cricket team finally touched...
Accruing more debt
Updated 28 Sep, 2023

Accruing more debt

We are in midst of the worst, longest economic crisis because of lavish lifestyles of powerful interests.
Israeli normalisation
28 Sep, 2023

Israeli normalisation

OVER the past few weeks, there have been many reports prophesising the impending normalisation of ties between Saudi...
Kandhkot tragedy
28 Sep, 2023

Kandhkot tragedy

THE tragic incident that unfolded yesterday in Sindh’s Kandhkot tehsil, leading to the deaths of at least nine...