KARACHI: The government’s auction on Wed­nesday failed to raise liquidity as it rejected all bids for Pakistan Investment Bonds (PIBs), mainly due to higher rates demanded by banks.

The government received Rs194 billion bids for PIBs against the target of Rs100bn showing the willingness of investors to buy the bills.

Since it was the first auction of PIBs after the monetary policy that raised the interest rate by 25 basis point, the banks were hopeful to get higher rates.

Published in Dawn, October 28th, 2021