Karachi July 24, 2023: On July 24, 2023, SBP raised PKR 621 billion, less than the targeted amount through the auction of market treasury bills despite offering record rates to investors.
On June 26, 2023, the MPC convened an emergency meeting and decided to raise the policy rate by 100 bps to 22.00 percent, effective 27th June 2023.
The government received total bids worth PKR 1,149 billion and the highest bids of PKR 793 billion for 3 Month T-bills followed by PKR 195 billion for 12 Months and PKR 161 billion for 6 Months.
Cut-off yields increased by 18 basis points for 3 Month T-Bills, 1 basis point for 12 Month papers, while down by 4 basis points for 6 Months.
The cut-off yield for 3 Months, 6 Months, and 12 Months paper settled at 22.9788 percent, 22.9201 percent, and 22.9991 percent, respectively.
Government raise an amount of PKR 572 billion in 3 Months followed by PKR 39 billion in 12 Months and 10 billion in 6 Months papers.
The government raised PKR 621 billion in the latest auction against a target of PKR 900 billion.
