Govt. raises PKR 48.85 billion via PIB auction – Alfalah Securities Limited

Karachi, July 19, 2012 (PPI-OT): The government has raised PKR 48.85 billion through auction of Pakistan Investment Bonds (PIBs) held on Wednesday.

According to Alfalah Securities Limited, the cut-off of 5, 10 and 20 years PIBs was 13.0717%, 13.3296% and 13.3503% through which amounts of PKR 16.995 billion, PKR 8.434 billion and PKR 5.299 billion were raised respectively. The 3 year PIB attracted highest amount of PKR 18.125 billion at a cut-off yield of 12.6680%. The higher government borrowing raises risks to economic wellbeing and lowers the chances of a cut in discount rate in the upcoming monetary policy statement by SBP.