The State Bank of Pakistan conducted an auction on Wednesday in which it sold treasury bills worth Rs.2,064.18 Billion for 3 and 6 months.
The auction target was Rs.100 Billion against a maturing amount of Rs. 34.523 Billion.
No Bids were received for 12 months indicating market reluctance to invest for longer periods with the expectation of further interest rate hikes.
The SBP sold Rs.2063.481 billion for 3 months and Rs.702 Million for 6 Months. Cut off yield for 3 months was 10.3013% and 10.3499% for 6 months.