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The federal government Wednesday borrowed some Rs 887 billion through the sale of short-term security papers. The State Bank of Pakistan (SBP) conducted the auction for the sale of 3-month, 6-month and 12-month Market Treasury Bills (MTBs) on July 31 and received bids amounting to Rs 936.508 billion with a realized amount of Rs 901.212 billion. Bids worth Rs 838.749 billion were received for 3-month T-bills, Rs 43.259 billion for 6-month and 12-month MTBs fetched bids amounting to Rs 54.5 billion.
The federal government borrowed some Rs 886.849 billion (realized value Rs 853.742 billion) through the sale of MTBs. The borrowed amount is lower than the tentative target of Rs 1.5 trillion set for this auction as in the previous auction, the government borrowed aggressively over Rs 2.2 trillion against the target of Rs 600 billion.
Bids amounting to Rs 778.464 billion (realized amount) were accepted for 3-month MTBs and its cut-off yield remained stable at 13.7499 percent. Some Rs 30 billion were borrowed through the sale of 6-month T-bills at 13.9500 percent. Bids worth Rs 45.304 billion were accepted against 12-month bills at 14.24 percent, up 14 basis points compared to previous auction.

Copyright Business Recorder, 2019

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