Yields on Treasury Bills rose at an auction on Wednesday, a day after the State Bank of Pakistan announced it was increasing its key discount rate to 10.0 percent from 9.5 percent.
The cut-off and weighted average annual yields on the benchmark six-month T-bills rose to 9.0987 percent from 8.9017 percent at the previous sale on July 18, the State Bank of Pakistan (SBP) said.
The cut-off yield and weighted average yields on the 12-month paper came at 9.3990 percent and 9.3727 percent respectively. Both the yields on the paper came at 9.1597 percent in the previous auctill rates closed at 8.5 percent, down from 9.0 percent on Tuesday, but dealers said they were likely to rise in coming days due to the adjustment in the cash reserve requirement (CRR) for banks. Even on Wednesday, some deals were stuck as high as 9.75 percent, but rates edged lower towards the close.
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