Govt raises Rs2.24tr through T-bills auction
MG News | April 06, 2023 at 06:23 AM GMT+05:00
April 06, 2023 (MLN): The government on Wednesday raised Rs2.24 trillion from the auction of Market Treasury Bills (MTBs), against a target of Rs900bn, result data published by the State Bank of Pakistan (SBP) showed.
The cut-off yield for 3-month paper remained unchanged at 21.99% while the yield on 6-month paper edged lower by a meager one basis points (bps) to 21.97%. However, the 12-month papers’ cut-off yield witnessed an up of 40 bps to 21.88%.
The total amount offered was Rs2.59tr out of which the SBP accepted Rs2.24tr. Of which, the SBP received bids worth Rs2.15tr for 3 months, Rs9.19bn for 6 months, and Rs85.27bn for 12 months.
The stability in the cut-off yields in 3 and 6-month bills is primarily attributed to the lower-than-expected hike in interest rate.
It is pertinent to mention that the market participants anticipated the hike of at least 200 bps to 22% whereas the Monetary Policy Committee (MPC) of the SBP in its meeting held on April 04, 2023, decided to raise the policy rate by only 100 bps to 21%.
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