KARACHI: The government raised Rs569.7 billion through auction of market treasury bills on Wednesday.

The cut-off yields on both three-month and 6-month papers were slightly reduced by 5 and 4 basis points, respectively.

Banks participated in the auction with huge liquidity as the total bids for three-month, six-month and 12-month reached Rs1,683.7bn while the government raised Rs569.7bn. All bids for 12-month were rejected.The government accepted Rs94.96bn for three-month T-bills at 7.258pc against the bids of Rs625bn.

However, the government raised the highest amount of Rs474.8bn for six-month T-bills at 7.539pc against the bids of Rs920bn.

The government also raised Rs118.296bn through auction of Pakistan Investment Bonds (PIBs). An amount of Rs73bn was accepted for two-year PIBs against the bids of Rs74bn while Rs45bn was accepted for three-year against the bids of Rs48.7bn. In addition, Rs296 million was also raised as non-competitive bids making the total at Rs118.296bn.