The cash-strapped government on Wednesday borrowed over Rs 223 billion from the banks to cater to its ever-burgeoning budgetary needs.
The federal finance ministry raised over Rs 223.162 billion from primary dealers through auctioning the Market Treasury Bill of 3, 6- and 12-month maturities.
The central bank auctioned the T-bills setting the cut-off yield at 9.0942, 9.1645 and 9.2553 percent, respectively, for 3, 6 and 12 months papers.
The primary dealers, mostly the otherwise cash-strapped banks, responded well and offered a surplus amount of over Rs 315.162 billion to the government their prime focus being the mid-term (6-month) government papers against which bids of over Rs 168.936 billion were received.
The central bank, however, accepted bids of Rs 69.198 billion against the 3-month papers, Rs 141.863 billion against 6-month and Rs 12.100 billion against 12-month securities in Wednesday’s auction.