Govt borrows Rs4.6tr in a week

The government on Wednesday raised over Rs2.4 trillion through the auction of treasury bills, collectively borrowing Rs4.6tr in the last seven days. On Wednesday it picked up Rs2.276tr through T-bills and Rs33bn through non-competitive bids.The banks offered bids of Rs3.3tr against the auction target of Rs2.25tr. The cut-off yields were almost the same but the highest amount of Rs2.222tr was raised for three-month papers at 21.99 per cent. The government raised Rs4.9bn and Rs49.8bn for six- and 12-month papers at 21.97pc and 21.99pc respectively.