KARACHI: The government on Wednesday raised Rs318.4 billion through the auction of Market Treasury Bills (MTBs), while the yields ended largely flat.
The target for the auction was Rs550 billion.
The cut-off yield on the three-month paper was 7.2347 percent, almost steady from 7.2300 percent in the previous auction held on August 25.
The yield on the six-month T-bills increased 5 basis points to 7.4900 percent. The yield on the 12-month paper stood at 7.6000 percent. The bids for the 12-month paper were rejected by the government in the previous auction.
The central bank said it sold Rs64.3 billion worth of three-month paper, Rs253.1 billion of the six-month paper, and Rs1 billion of the 12-month paper.
The State Bank of Pakistan is scheduled to announce its monetary policy decision this month. Analysts expect if inflation remains in the manageable region of 7-9 percent, there will be no change in interest rates. However, any upward trend in inflation, the ongoing slide in the rupee and weakening current account will put policymakers under pressure to hike interest rates at a time when the government is looking to tame rising consumer prices.
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