The State Bank of Pakistan (SBP) has invited separate tenders for the sale of 3-month (maturity on February 17, 2005) and 12-month (maturity on November 24, 2005) Treasury Bills. The pre-auction target is Rs 55,000 million. The target is close to Rs 54 billion inflows scheduled on Thursday next. This huge expected inflow has already eased the market as the overnight rate was dropped to 3.5 percent from the previous 7.5 percent.
Market experts believe that the SBP would not be able to suck up the whole liquidity expected to come into the market.
Tenders are invited through primary dealers from November 23 to 24, 2004 up to 11.13 hours.