The State Bank of Pakistan (SBP) conducted an auction on Wednesday in which it sold Market Treasury Bills (MTBs) worth Rs.708.45 billion for 3 and 6 months. Auction target was Rs.700 billion against a maturing amount of Rs.571 billion. The Cut off yield for 3 and 6 months were 7.4 and 7.68 percent. Total amount offered was Rs.1,702.54 billion out of which the SBP accepted Rs.590 billion. The SBP received bids worth Rs.545.43 billion for 3 months and Rs.1,066.2 billion for 6 months out of which it accepted Rs.242.68 billion and Rs347.45 billion respectively. All bids for the 12 month T-Bill were rejected. Separately, the central bank picked up Rs.118.33 billion from the non-competitive auction, making the total amount accepted Rs.708.45 billion.