KARACHI: The government raised Rs716 billion by selling treasury bills (T-bills) on Wednesday, exceeding the auction target of Rs400bn against a maturing amount of Rs1.04 trillion, announced the State Bank ofPakistan.

Contrary to the expectations of a significant reduction in the wake of falling interest rates, the cut-off yields were slightly reduced.

The cut-off yields for threeand six-month tenors were slashed by five basis points to 15.29 per cent and 14.34pc, the lowest since April 2022.

The rate for 12-month was kept unchanged at 13.73pc.

The highest amount of Rs268.6bn was accepted for the 12-month tenor, followed by Rs232.6bn for threemonth and Rs215bn for six-month tenors.

The data showed that the 12-month papers attracted the highest bids of Rs692.5bn. The total bids for the auction were Rs1.313tr.