KARACHI: The State Bank of Pakistan (SBP) has announced a comprehensive auction calendar targeting over Rs5.8 trillion for government securities from November 2025 to January 2026.
This move aims to support fiscal financing, manage liquidity, and maintain monetary stability amid high interest rates and limited fiscal space.
According to the Domestic Markets and Monetary Management Department (DMMD), the plan includes Market Treasury Bills (MTBs), Pakistan Investment Bonds (PIBs), Government Ijara Sukuk (GIS), and a buyback of floating-rate PIBs.
The SBP will raise Rs3.6 trillion through six MTB auctions scheduled for November 12, November 26, December 10, December 24, January 7, and January 21, against maturities of Rs4.013 trillion. The largest auctions will target Rs800 billion on December 11, followed by Rs650 billion and Rs600 billion on November 27, January 8, and January 22. Tenor-wise allocations include Rs600 billion in one-month bills, Rs900 billion in three-month, Rs950 billion in six-month, and Rs1.15 trillion in 12-month instruments.
Under the PIB program, Rs1.7 trillion will be raised through fixed- and floating-rate bonds. Fixed-rate PIB auctions on November 5, December 17, and January 14 will target Rs1.2 trillion with yields between 10.50% and 11.50% across two- to 15-year maturities. Six floating-rate PIB auctions are scheduled alongside the MTB dates, targeting Rs500 billion with a semi-annual coupon of 10.8974%. A buyback auction of floating-rate PIBs worth Rs200 billion will take place on November 12–13 to manage secondary market liquidity.
Additionally, SBP will purchase Rs275 billion in Government Ijara Sukuk on November 26 and December 24 to support Islamic banking liquidity.
Meanwhile, the Pakistani rupee edged up slightly by Re0.03 to 280.82 against the US dollar in the interbank market, while gold prices remained steady at Rs423,062 per tola despite rising global bullion rates.
This ambitious auction program reflects the government’s strategic efforts to meet budgetary needs and stabilize the financial market during challenging economic conditions.
