Govt raises Rs852bn at 17.9pc via T-bill auction.

KARACHI -- The government increased the cut-off yields to raise Rs852 billion through auctions of treasury bills on Wednesday against the target of Rs650bn.

The State Bank reported that the three-month cut-off yield was increased by 94 basis points to 17.937 per cent. All the bids for six-month and 12-month tenors were rejected.

The central bank received a total of Rs1,593bn bids suggesting that the banks were willing to park their maximum liquidity in government papers...