PIB Auction: SBP Rejects All Bids

State Bank of Pakistan rejected all the bids received from banks and financial institutions for the tenure of three, five and ten years.

SBP received bids amounting to Rs 24.394 billion out of this bids worth Rs 19.4 billion were received for three years, Rs 2.09 billion for five years and Rs 2.83 billion for ten years.

The market makers were of the opinion that in long run interest rates are bound to rise so the participation mostly glued to three year tenure. Inflation rate appeared to be manageable but as the crude oil prices have increased and global commodity prices bound to rise interest rate to see some upward movement.