KARACHI: The State Bank of Pakistan has issued a new plan for its auction for raising over Rs5.8 trillion for the government from November 2025 to January 2026. Funds are to assist in supporting the budget, managing cash flow, and keeping the economy stable during tough financial times.
According to the State Bank of Pakistan’s Domestic Markets and Monetary Management Department or DMMD, the auction program will comprise Market Treasury Bills (MTBs), Pakistan Investment Bonds or PIBs, Government Ijara Sukuk or GIS, and a buyback plan for older floating-rate bonds.
SBP intends to raise Rs3.6 trillion through six MTB auctions scheduled on November 12, November 26, December 10, December 24, January 7 and January 21. These short-term bills would replace the maturing securities of Rs4.013 trillion.
The largest auctions are scheduled for December 11 at Rs800 billion, followed by November 27 at Rs650 billion and January 8 and 22 at Rs600 billion each.
The expected breakdown includes:
Rs600 billion in one-month bills
Rs900 billion in three-month bills
Rs950 billion in six-month bills
Rs1.15 trillion in 12-month bills
The SBP plans to raise Rs1.7 trillion through both fixed and floating-rate bonds under the Pakistan Investment Bonds (PIBs) program.
Fixed-rate bond auctions on November 5, December 17, and January 14 will aim for Rs1.2 trillion, with yields between 10.50% and 11.50% for maturities ranging from two to fifteen years.
Alongside the MTB dates, floating-rate bond auctions will aim for Rs500 billion, with a semiannual coupon rate of 10.8974 percent.
A buyback auction of floating-rate PIBs of Rs200 billion has been scheduled for November 12–13 to manage liquidity in the market.
It will also raise Rs275 billion through Government Ijara Sukuk on November 26 and December 24 to support Islamic banking and liquidity management.
On the market front, the Pakistani rupee slightly appreciated by Re0.03 and ended at 280.82 per US dollar in the interbank market. There was no change in the price of gold that remained at Rs423,062 per tola while global prices remained on an upward trajectory. This large-scale auction plan shows the strong focus of the government on budget financing, financial stability, and market confidence during the time of economic pressure.
