KARACHI -- Investors offered more than double the target set for the auction of market treasury bills on Tuesday but the government seemed reluctant to raise funds above the target.
The auction showed the government was not ready to cross the limit it had set for the auction as the target was Rs400 billion and the government only raised Rs466bn.
The investors offered almost double than the target bidding Rs880.4bn while the maturity amounted to Rs345.9bn for Dec 31.
The auction also indicated that interest rate may see some downward change in near future as most of the investors were willing to park their funds in the three-month T-bills.
The bids for three-month T-bills were Rs634.9bn and the government raised Rs378.7bn.
This was the highest amount the...