State Bank of Pakistan fails to meet T-bill auction target
Published January 17th, 2008
The SBP failed to meet its target in the Treasury bill auction held on Wednesday, as the dealers chose to wait for the forthcoming monetary policy.
“Monetary policy is to be announced by the end of this month. Nobody wanted to invest his money for one year when he sees the interest rate going up after a fortnight,” said a treasury official at a major bank.
Also, the market was short of cash and had little to offer. It was only National Bank that offered some money. The market could face shortage of cash on Thursday had it offered more to the central bank.
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