KARACHI: Following 50bps reduction in key policy rate, the cut-off yields of Market Treasury Bills (T-bills) was further slashed on Wednesday.

The State Bank of Pakistan auctioned T-bills on Wednesday and in response of its tender, it received cumulative bids worth Rs449.513 billion (realised) with a face value of Rs477.679 billion through primary dealers on October 17.

Received bids included Rs37.608 billion for 3-month, Rs258.976 billion for 6-month and Rs152.928 billion for T-bills with a 12-month maturity period. On the whole, bids worth Rs170.018 billion with a face value of

Rs182.027 billion have been accepted.

The cut-off yield of 3-month MTBs decreased by 0.0908 percent to 9.6383 percent from 9.7291 percent with accepted bids worth Rs12.744 billion.

For 6-month MTBs, bids worth Rs71.606 billion were accepted with a cut-off yield of 9.6481 percent, which previously stood at 9.7583 percent.

Similarly, the cut-off yield of 12-month MTBs was set at 9.7118 percent, down from 6.7601 percent and the accepted amount was Rs85.667 billion.