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Govt Raises Rs. 1.57 Trillion in T-Bill Auction

In the paper’s auction on Wednesday, the cut-off yields on Treasury Bills (T-Bills) increased by 120 basis points.

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The government raised Rs. 1.57 trillion at the auction, versus an earlier target of Rs. 1.8 trillion, according to data provided by the State Bank of Pakistan (SBP).

According to official data, the three-month T-bill cut-off yields increased by 105 basis points from the 19.95 percent seen on February 22 to 20.99 percent. Cut-off yields for the 12-month paper jumped by 120 bps to 20.98 percent from 19.79 percent in the previous auction, while yields for the six-month paper increased by 95 bps to 20.84 percent.

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In the competitive auction, the government raised Rs. 1,505.4 billion versus a target of Rs. 600 billion for the three-month paper and Rs. 0.3 billion versus a target of Rs. 600 billion for the six-month note.

Moreover, it raised Rs 2 billion through the 12-month bond during the auction versus a target of Rs 600 billion.

The total amount raised for the three-month paper was Rs. 1,564 billion, the six-month paper was Rs. 2.5 billion, and the twelve-month paper was Rs. 3.4 billion. According to a further breakdown of the official figures, the government received a total of Rs. 1,570 billion in proceeds, consisting of Rs. 1,507.7 billion from the competitive auction and Rs. 62.3 billion from non-competitive bids.

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