Government raises Rs716bn with minor cut in rate

The government raised Rs716 billion by selling treasury bills (T-bills) on Wednesday, exceeding the auction target of Rs400bn against a maturing amount of Rs1.04 trillion, announced the State Bank of Pakistan. Contrary to the expectations of a significant reduction in the wake of falling interest rates, the cut-off yields were slightly reduced. The cut-off yields for three- and six-month tenors were slashed by five basis points to 15.29 per cent and 14.34pc, the lowest since April 2022. The rate for 12-month was kept unchanged at 13.73pc.