KARACHI: The government on Wednesday raised Rs1,399 billion through the auction of treasury bills on Wednesday at a higher unified cut-off yield of 15.99 per cent.

Banks and investors offered bids of Rs2,479bn against the target of Rs1,500bn reflecting a strong appetite for high-yielding domestic bonds. It also suggested that banks were more inclined to park their liquidity in risk-free government papers rather than extending loans to the private sector.

The cut-off yield for 6-month T-bills was increased by 15 basis points while the rate for the 12-month paper was jacked up by 1bps to 15.99pc, respectively. The rate on 3-month T-bills was kept unchanged.

Published in Dawn, September 22nd, 2022