Govt raises Rs823bn through T-bills.

KARACHI -- The government raised Rs822.8 billion through T-bills as against the target of Rs600bn - representing an excess borrowing of Rs208.8bn, reported the State Bank of Pakistan (SBP) on Wednesday.

This was unlike the previous auction held on October 23 where the government received bids of Rs1,963bn but raised Rs532.5bn.

However, investors in the current auction were more interested in short term T-bills, suggesting close eyes on any possible adjustment in key rate in the upcoming monetary policy in November.

In the previous monetary policy, SBP had decided to keep the interest rate unchanged at 13.25 per cent.

Investors offered Rs902.4bn for three-month bills - the highest amount offered for the auction of shortest tenure while the government raised Rs504.8bn for short-term...