- August 20, 2026
- Posted by: Tresmark
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The government raised Rs518 billion through Treasury bills (T-bills) on Wednesday via auction and non-competitive bids, with the highest cut-off yield reaching nearly 12%.
According to the State Bank of Pakistan (SBP), investors submitted bids worth Rs2.19 trillion, but the government accepted Rs237.6 billion through the regular auction. Another Rs280.3 billion was secured through non-competitive bids, exceeding the amount raised through the auction.
Three-month T-bills attracted the largest share, with the government raising Rs349.5 billion — including Rs118.7 billion through auction and Rs230.8 billion through non-competitive bids.
The government accepted a 11.99% yield on 12-month T-bills, raising Rs52.6 billion, while the lowest accepted yield stood at 11.46% for one-month papers, from which Rs38 billion was raised.
The strong demand, with banks submitting more than Rs2 trillion in bids, highlights their preference for government securities amid limited and relatively riskier private-sector lending opportunities.
The continued high yields also reflect policymakers’ focus on economic stabilisation and inflation control, even as elevated borrowing costs weigh on private-sector investment and economic growth.
