KARACHI: The government on Wednesday borrowed Rs2.073 trillion through the auction of market treasury bills mostly for three-month tenor.

The State Bank of Pakistan reported that the banks placed bids of Rs3.2tr but the government remained within the auction target of Rs2.25tr.

It raised Rs1.996tr through three-month papers at the cut-off yield of 22.88 per cent while it raised Rs3.486bn through 12-month papers at 22.94pc. All bids for six-month bills were rejected.

An amount of Rs73.8bn was also raised through the non-bid option. The government has set a Rs8.25tr borrowing target through auctions of treasury bills from Aug 9 to Oct 18.

Published in Dawn, August 24th, 2023