December 22, 2022 (MLN): The federal government on Wednesday rejected all bids for fixed-rate Pakistan Investment Bonds (PIBs) against a target of Rs175 billion at the secondary market auction.

This rejection was mainly attributed to the higher returns asked by the investors against the bonds.

Resultantly, the State Bank of Pakistan (SBP) could not raise any amount from the said auction.

According to the details, the bids for 3-year, 5-year, and 10-year were rejected, whereas no bids were received for 15-year, 20-year, and 30-years.

It is pertinent to mention that as of now, the central bank has raised the policy rate by 900 points to 16% since September 2021.

Copyright Mettis Link News

Posted on: 2022-12-22T12:01:04+05:00