KARACHI: The government raised Rs444.4 billion, exceeding the target of Rs375bn set for the treasury bills auction on Wednesday.

The highest amount of Rs334.1bn was raised for the three-month tenor against the bids of Rs452.3bn at 21.99 per cent. For six- and 12-month papers, the government raised Rs2bn and Rs7.2bn at 21.91pc and 21.99pc, respectively.

In addition to Rs343.3bn through the auction of T-bills, the government also raised Rs101bn through the non-bids operation.

The government borrowed Rs148.4bn more than the maturity amount of Rs296bn, indicating a serious liquidity crunch amid revenue shortfalls and a widening fiscal deficit.

The government also raised Rs8.9bn through Pakistan Investment Bonds (PIBs) in semi-annual and Rs8.3bn through quarterly auctions.

Published in Dawn, May 18th, 2023