Treasury bill cut-off yields
Latest auction next scheduled
| Tenor | Cut-off yield |
|---|---|
| 1 month | 12.1055% |
| 3 months | 12.4261% |
| 6 months | 12.65% |
| 12 months | 12.89% |
Cut-off yield is the yield at which the latest auction cleared, as the central bank publishes it. Source: the central bank's panel of the latest auctions.
Fixed-rate bond (PIB) cut-off yields
Latest auction next scheduled
| Tenor | Cut-off yield |
|---|---|
| 2 years | 12.79% |
| 3 years | 12.638% |
| 5 years | 12.8% |
| 10 years | 12.85% |
Yields at the latest fixed-rate bond auction. A bid for the longest tenor was rejected at that auction, so no yield is listed for it.
Policy rate
- Central bank policy rate
- 12.00%set at the meeting of the date shown
A treasury bill is a short-term loan to the government that is sold at a discount and repaid at face value. The tables show the cut-off yields of the latest auctions as the central bank published them.
What the cut-off yield is
The cut-off yield is the yield at which the auction cleared: bids at that yield or better were accepted. It is a result of one auction on one day, and it moves from auction to auction.
It is not a rate printed on a certificate and it is not what a bank or a fund will pay you. Banks and funds add their own costs and margins.
Bills, bonds, funds and deposits
Treasury bills run for months, and fixed-rate bonds run for years. A money market fund often holds bills, but it also holds other assets and its unit price can move.
A bank deposit is a claim on the bank and is covered up to a limit by the deposit protection scheme. A bill held directly is a claim on the government. The two have different risks, so a yield in this table is not a comparison with a deposit rate.
Treating the yield of the last auction as the yield you would get today. Check the date and the next auction.
Sources 1
Every figure on this page points to one of these. The date is the day we read the source.
- 1Central bankPolicy rate and latest auction cut-off yields, State Bank of Pakistanwww.sbp.org.pkpolicy rate, T-bill and PIB yields