The federal government Monday raised Rs 64.767 billion through the auction for short-term government papers. The first auction of second quarter of this fiscal year witnessed a thin participation by banks and financial institutions as bids amounting to Rs 134.267 billion were received against the tentative borrowing target of Rs 250 billion.
The State Bank of Pakistan (SBP), on October 10, 2016, conducted the auction for the sale of 3-month, 6-month and 12-month Market Treasury Bills (MTBs) and received bids worth Rs 134.267 billion with a realised amount of Rs 130.474 billion. Bids worth Rs 65.80 billion were received for 3-month T-bills, Rs 33.567 billion for 6-month while 12-month T-bills fetched bids amounting to Rs 34.9 billion.
The federal government borrowed some Rs 64.767 billion (realised value Rs 62.235 billion) through the auction for MTBs against the target of Rs 250 billion set for this auction. The cut-off yield of all T-bills remained stable. Bids amounting to Rs 10.36 billion (realised amount) were accepted for 3-month at a cut-off yield of 5.8571 percent. Some Rs 22.601 billion were borrowed through 6-month T-bills at 5.9046 percent. In addition, an amount of Rs 29.273 billion was raised through 12-month MTBs at a cut-off yield of 5.9148 percent.
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