KARACHI: The government lowered the cut-off yields by up to 217 basis points for different tenors at the treasury bills auction held on Wednesday after the State Bank left its policy rate unchanged at 22 per cent on Sept 14.

       The government raised Rs2.369 trillion against total bids of Rs4.577tr. The massive offers for buying risk-free government papers reflect the banking trend in the country.

       The cut-off yield for 12-month papers was slashed by 217 basis points to 22.9pc, for six-month by 199bps and for three-month papers by 171bps.

       The government raised Rs2.142tr through three-month T-bills, Rs184m for six- and Rs1.5bn for 12-month papers. The government also raised Rs224.7bn through non-competitive bids.

       Published in Dawn, September 21st, 2023