KARACHI: The government on Wednesday incre­ased the cut-off yields on treasury bills to raise more than the auction target.

The government raised Rs828 billion through T-bills, including Rs48.3bn as non-competitive bids.

The government raised the highest amount of Rs566.6bn for three-month papers with an increase of five basis points in the cut-off yield to 15.79 per cent.

The government also increased benchmark six-month T-bills rate by 5bps to 15.85pc, raising an amount of Rs43bn.

However, the government kept the cut-off yield on 12-month papers unchan­ged at 15.94pc to raise Rs170.25bn.

The bids for the auction was almost double than the amount raised by the government. A total of Rs828bn was against the auction target of Rs750bn.

The government also raised Rs282.7bn through the auction of Pakistan Invest­ment Bonds (PIBs) the same day.

Published in Dawn, August 25th, 2022