SBP raises Rs257.78bn through PIB auction

MG News | March 09, 2023 at 01:43 PM GMT+05:00

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March 09, 2023 (MLN): The State Bank of Pakistan (SBP) on Wednesday successfully raised Rs257.78 billion through the sale of floating-rate Pakistan Investment Bonds (PIBs).

According to the SBP, the cut-off price for 2-year and 3-year PIBs stood at Rs94.43 and Rs96.68, respectively.

The central bank received competitive bids of Rs256.09bn while non-competitive bids stood at Rs1.68bn.

Out of the competitive bids, Rs255.89bn was received against 2-Year PIBs, while Rs200mn was received against 3-year PIBs.

The SBP's successful auction is part of the government's efforts to raise funds to finance its budget deficit. The central bank has been actively involved in raising funds through various means, including the sale of PIBs.

On the same day, the central bank also conducted an auction of Market Treasury Bills (MTBs) wherein the government raised Rs1.56 trillion against a target of Rs1.8tr, registering a hike in cut-off yield by upto 120bps to 20.98%.

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