Foreigners inject $27m in T-bills in a week

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By MG News | September 11, 2024 at 12:27 PM GMT+05:00

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September 11, 2024 (MLN): Foreign investors poured a net $27.06 million into Pakistani T-Bills in the week ending August 23, 2024, ahead of the SBP's monetary policy review, where it is widely expected to lower rates for the third consecutive time.

This reduces the cumulative outflow from T-Bills during August 2024 to $51.09m, according to the central bank data.

The yields on these bonds have decreased in the last few months as the central bank continues monetary easing in a bid to spur growth that has lagged behind its potential.

The State Bank of Pakistan (SBP) has slashed interest rates by a cumulative 250 basis points in the last two meetings and is scheduled to meet again tomorrow.

Cut off yields now stand at 17.4799% for 3 month papers, 17.7399% for 6 month papers, and 16.9989% for 12 month papers.

Despite the outflow, foreign investment in Pakistani bonds has been on the rise since January as the country continues to experience growing confidence amidst improved economic conditions and a stable exchange rate.

In the last fiscal year that ended in June 2024, the debt-ridden nation witnessed a notable net inflow of $580.85m in T-Bills through SCRA.

Copyright Mettis Link News

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