KARACHI, Nov 8: The State Bank picked up Rs44.883 billion through auction of treasury bills on Wednesday but no significant change was witnessed in the cut-off yields of the papers.

A slight change in the benchmark six-month T-bills was noted as the cut-off yield was raised to 8.19 from 8.14 per cent. The SBP picked up Rs4.598 billion for six-month bills.

The highest amount was picked up for 12-month bills reflecting the confidence of the banking sector over the tightening of monetary policy.

The SBP raised Rs27 billion for the 12-month paper at a cut-off yield 9.0055 per cent. An amount of Rs12.749 billion was raised for three-month bills at cut-off yield 8.65 per cent.

Bankers said that the long-term investment was a sign that the banks did not expect any hike of interest rates in near future.