KARACHI, April 23: The cut-off yield on Pakistan’s benchmark six-month Treasury bills remained unchanged at 9.8686 per cent at an auction on Wednesday, the central bank said.

The weighted average annual yield on the six-month paper also came at 9.8686 percent, unchanged from the last auction on April 9, the State Bank of Pakistan said.

The cut-off yield on the 12-month paper was also flat at 10.1357 per cent, however its weighted average yield rose to 10.1357 per cent from 10.1251 per cent at the last auction.

The central bank rejected all bids received for the three-month T-bills.

The bank said it sold only Rs100m worth of the six-month bills, and Rs416.86 million of the 12-month paper after receiving total bids of Rs21.21 billion.

It had set a pre-combined auction target of Rs53 billion.

Settlement of the auction will take place on Thursday.—Reuters