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KARACHI: The cut-off yield on short-term government securities surprisingly declined up to 62 basis points in the auction held on Wednesday.

Muhammad Sohail of Topline said there was a surprise drop in the yield in T-bills auction. This happened after the government did not pick big amount in yesterday’s Sukuk auction, causing yield to stabilise, he added.

He said both these auctions indicate a chance of possible rate cut in spite of slower than expected fall in inflation.

The State Bank of Pakistan (SBP) conducted the auction for the sale of Government of Pakistan Market Treasury Bills and received bids amounting to Rs 1.121 trillion.

Govt borrows Rs283bn thru MTB auction

Out of total bids, the government borrowed Rs 184.6 billion including Rs 102 billion of competitive and Rs 82 billion of non-competitive as against target of Rs 225 billion for this auction. An amount of Rs 57.7 billion was raised against the sale of 3-month T-bills and its cut-off yield declined by 50 bps to 20.4997 percent.

The cut-off yield of 6-month also fell by 56 bps to 20.40 percent against the sale of Rs 10.82 billion worth MTBs.

Some Rs 116 billion were borrowed against the sale of 12-month T-bills and its cut-off yield was set at 20.2298 percent, down by 62 bps.

Copyright Business Recorder, 2024

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