KARACHI: The government kept borrowing costly money to meet its expenses and raised Rs467 billion through the auction of market treasury bills on Wednesday.

The State Bank of Pakistan reported that the cut-off yields were kept unchanged but the amount raised was less than the Rs550bn target.

The government raised the highest amount of Rs339.1bn for three-month T-bills at 15.75pc while for the six-month benchmark papers it generated just Rs10bn at 15.80pc. However, for 12-month T-bills, it picked Rs64.7bn at 15.94pc.

The government also raised Rs52.74bn as non-competitive bids making the total amount raised through the auction at Rs467bn.

Published in Dawn, August 11th, 2022