KARACHI: The government slightly reduced the cut-off yields by up to 54 basis points for different tenors to raise Rs260 billion, exceeding the auction target of Rs210bn, on Wednesday.

According to the State Bank of Pakistan (SBP), it received a total of Rs1.77 trillion in bids.

This was the first auction after the 100bps cut announced on July 29 to bring down the SBP policy rate to 19.5pc.

The yield on six-month T-bills was cut by 54bps to 18.75pc, 52bps to 18.97pc for three-month papers and 50bps to 17.74 for 12-month papers.

Published in Dawn, August 8th, 2024