Pakistan central bank's no-show in T-bill auction

Dealers in the Pakistani interbank market reported wild swings in short-term overnight interest rates on 27 November, triggered by the central bank's rejection of treasury market bids.

The money market volatility was attributed to a State Bank of Pakistan decision to reject all bids received for its offer of treasury bills in a 10-day open market operation to remove funds from the money market.

Early overnight deals were priced at between 8% and 8.5%, but this nosedived to around 4.5% on the n

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