The government aims to raise around Rs5.575 trillion from July to September 2025 through the auction of Market Treasury Bills (MTBs) and Pakistan Investment Bonds (PIBs), as outlined in the latest auction calendar released by the State Bank of Pakistan (SBP).
Breaking down the plan, the government is targeting Rs3.175 trillion from MTBs, Rs1 trillion from fixed-rate PIBs, and Rs1.4 trillion from floating-rate PIBs during the quarter.
Category-wise targets (Rs billion):
- MTBs: 3,175
- PIBs (Fixed Rate): 1,000
- PIBs (Floating Rate): 1,400
Total: 5,575
To achieve this, the SBP has scheduled six MTB auctions. In July, two auctions will take place: the first on July 10 with a target of Rs1,350 billion and the second on July 24 with a target of Rs200 billion.
August will also see two auctions — on August 7 (target: Rs350 billion) and August 21 (target: Rs450 billion). For September, the central bank plans auctions on September 4 (target: Rs600 billion) and September 18 (target: Rs225 billion).
For PIBs, the SBP plans to raise Rs2.4 trillion: Rs1 trillion from fixed-rate bonds and Rs1.4 trillion from semiannual floating-rate bonds. Three auctions are scheduled for fixed-rate PIBs this quarter: July 9 and July 25 (each targeting Rs300 billion) and August 28 (targeting Rs400 billion).
Additionally, the SBP has revised the coupon rates for fixed-rate PIBs effective July 16, 2025. The 10-year PIB (floating), issued on July 10, 2025, carries a coupon rate of approximately 10.8974%.
The planned auctions reflect the government’s strategy to meet its borrowing needs while managing liquidity in the domestic market.
