Keeping up its weekly borrowing spree from the banking system, the cash-strapped government Wednesday borrowed over Rs 180 billion from the banks to cater its ever-burgeoning budgetary needs.
Last week on Wednesday too had seen the government raising over Rs 37 billion from the risk-averse banks through selling Pakistan Investment Bonds (PIBs) of 3 to 20-year tenors.
Wednesday saw the federal finance ministry raising over Rs 180.227 billion from the 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 9.7291, 9.7583 and 937601 percent, respectively, for 3-, 6 and 12 months maturities. The primary dealers, consisting mostly the otherwise cash-strapped banks, responded well and offered a surplus amount of over Rs 562.697 billion to the government their prime focus being in the mid-term, 6-month, government papers against which bids of over Rs 230.376.040 billion worth were offered.
The central bank, however, accepted bids of Rs 180.227 face value.
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