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State Bank exceeds sales target of treasury bills

KARACHI (August 07 2003) : The State Bank has exceeded the target for the sale of Treasury Bills on Wednesday, to offset the effect of the inflow of over Rs 44 billion in the market, while the cut-off yields have also dropped.

The State Bank received bids of Rs 94.154 billion for the sale of three months and 12-month Treasury Bills.

The State Bank raised Rs 10.226 billion for three-month T-bills and Rs 41.127 billion for 12-month T-bills.

The scheduled inflow of Rs 44.6 billion on Thursday through the maturity of T-bills, would not affect the market liquidity as the State Bank picked up Rs 51.353 billion to offset the impact.

The cut-off yield for three months T-bills has further dropped to 1.089 percent from 1.65 percent earlier.

The cut-off yield on 12-month has also come down to 1.423 percent form 2.17 percent earlier.

The market experts said that reduction in the cut-off yield would further reduce the profit of the banks involved in this business.

They expect more cuts in the interest rates.

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