KARACHI, June 5: The State Bank on Tuesday slightly changed the cut-off yields on different maturities of Pakistan Investment Bonds (PIBs) which reflected continuation of its firm interest rate policy.

The cut-off yield on benchmark 10-year bonds was reduced to 10.1244 per cent from 10.1322 per cent and picked up Rs6.534 billion.

The SBP restricted to its target and raised Rs15.14 billion in the auction. The total bids received were of Rs30.45 billion.

Market experts said they were not expecting any major change in the PIBs rates as the SBP governor had ruled out any change in the current monetary stance.

The SBP marginally improved the cut-off yield on 15-year PIBs to 10.9857 per cent from 10.9800 per cent and raised Rs823 million.

For 20-year and 30-year bonds a sum of Rs1.625 billion and Rs3.607 billion were raised at 11.2016 and 11.5937 per cent respectively. And for five- and three-year bonds the cut-off yield was set at 9.5480 and 9.3180 per cent.