KARACHI: The government raised Rs173 billion through the auction of treasury bills (T-bills) against the target of Rs600bn while it rejected the bids for six and 12 months papers.

The government received total bids of Rs750bn, including Rs326bn for the threemonths T-bills. The government accepted only shortterm three-month T-bills and collectively raised Rs173bn through direct auction and non-competitive bids.

However, the government raised the cut-off yield on three-months bills by 40 basis points to8.25 per cent.

Since the increase in the interest rate by the State Bank, the cut-off yield on three-months T-bills have been cumulatively increased by 102 basis points.