The Government of Pakistan raised Rs. 768.4 billion through the latest auction of Market Treasury Bills (MTBs) held on July 22, 2026, with cut-off yields increasing across most maturities, reflecting continued pressure on short-term interest rates.
According to the auction results released by the State Bank of Pakistan (SBP), the most notable increase was witnessed in the 12-month T-Bill, where the cut-off yield rose by 50.6 basis points (bps) to 11.9938%. The 6-month paper also saw a significant jump of 35.8 bps, while the 3-month and 1-month tenors recorded comparatively modest changes.
Cut-Off Yields
| Tenor | 22-Jul-26 | 08-Jul-26 | Change (bps) |
|---|---|---|---|
| 1-Month | 11.3504% | 11.3968% | -4.6 |
| 3-Month | 11.5154% | 11.3978% | +11.8 |
| 6-Month | 11.7951% | 11.4375% | +35.8 |
| 12-Month | 11.9938% | 11.4880% | +50.6 |
Amount Raised
The government accepted Rs. 768.4 billion in bids, comprising Rs. 376.1 billion through competitive bids and Rs. 392.3 billion via non-competitive bids.
The 3-month T-Bill attracted the highest participation, with total accepted bids amounting to Rs. 333.8 billion, followed by Rs. 210.7 billion in the 6-month tenor and Rs. 179.3 billion in the 12-month paper.
Accepted Amounts by Tenor
| Tenor | Amount Raised (Rs. bn) |
|---|---|
| 1-Month | 44.6 |
| 3-Month | 333.8 |
| 6-Month | 210.7 |
| 12-Month | 179.3 |
| Total | 768.4 |
