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July 18, 2019

Cut-off yield on 3-month papers up

Business

July 18, 2019

KARACHI: The cut-off yield on three months treasury bills rose 100 basis points to 13.7499 percent at an auction on Wednesday.

The central bank sold Rs2.297 trillion worth of market treasury bills against total participation of Rs2.326 trillion. Analysts said banks aggressively participated in MTBs of three months tenor, anticipating a further hike in the benchmark interest rate.

The central bank raised its policy rate by 100 basis points to 13.25 percent in the latest monetary policy announcement. It raised the policy rate by a cumulative 750 basis points since January 2018.

The State Bank of Pakistan (SBP) sold Rs2.040 trillion worth of three months MTBs at 13.7499 percent. The SBP sold Rs144 billion worth of six months MTBs at 13.9500 percent, while one year MTBs were sold to raise Rs112 billion at 14.1000 percent.

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