T-bills see $35m foreign outflow in a week

MG News | November 19, 2024 at 10:13 AM GMT+05:00

0:00

November 19, 2024 (MLN): Foreign investors pulled out $35.46 million from Pakistani T-bills in the first eight days of November as yields continue to fall, State Bank of Pakistan (SBP) reported Monday.

The government has slashed T-bill cut off yields to 13.70% for three-month, 13.50% for six-month, and 13.20% for 12-month papers.

Despite the recent outflow, foreigners have piled a net $300.82m in the current fiscal year to date through Special Convertible Rupee Accounts (SCRA) as the country continues to experience growing confidence amidst improved economic conditions and a stable exchange rate.

SCRA allows foreign persons, institutions, and non-resident Pakistanis to invest into various instruments such as equities, government bonds, and TFCs.

Under this scheme, the funds are converted into Pakistani rupees and credited to the depositor's "Special Convertible Rupee" account.

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