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HomeGeneralBids for PIBs worth Rs194 billion were all rejected

Bids for PIBs worth Rs194 billion were all rejected

KARACHI: The government’s Wednesday auction failed to provide cash, as all bids for Pakistan Investment Bonds (PIBs) were rejected, owing to higher rates asked by banks.The government got bids for PIBs for Rs194 billion versus a goal of Rs100 billion, indicating that investors are prepared to acquire the bills.

Also read: The time limit for redeeming prize bonds has been extended by the government

The banks were hoping for better rates because it was the first PIB auction following the monetary policy that boosted the interest rate by 25 basis points.

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