In a major move to manage its financial needs and stay aligned with IMF conditions, the government is planning to borrow nearly Rs4.9 trillion during the July–September quarter of FY2025. The State Bank of Pakistan (SBP) has released its auction schedule for Pakistan Investment Bonds (PIBs) and Market Treasury Bills (MTBs), marking a key part of the country’s domestic borrowing strategy.
According to the plan, Rs1 trillion will be raised through fixed-rate PIBs, with three auctions lined up—on July 16, August 1, and September 4. These bonds will be offered in a mix of tenors, including 2-year zero coupon, and 3-, 5-, 10-, and 15-year durations, with interest rates ranging from 10.5% to 11.5%.
In addition, Rs1.4 trillion will be targeted through floating rate PIBs, starting with a Rs300 billion auction on July 9. Several more are scheduled throughout the quarter, offering flexible options for investors.
The SBP has also scheduled six treasury bill auctions, aiming to raise Rs3.175 trillion. The biggest of these, on July 9, targets Rs1.35 trillion. Treasury bills will be available in tenors of 1, 3, 6, and 12 months, with the highest allocation—Rs950 billion—reserved for the 12-month option, showing a preference for medium-term borrowing.
Meanwhile, gold prices took a notable dip across Pakistan on Monday. In line with a global pullback, the price of gold per tola dropped by Rs2,500 to Rs353,000, while the 10-gram rate fell by Rs2,143 to Rs302,640. Analysts attribute the decline to a stronger US dollar and shifting sentiment due to geopolitical developments, particularly trade updates from the U.S.
On the currency front, the rupee saw a minor slip in the interbank market, closing at 284.22 against the dollar—down by 25 paisas from the previous session.
These developments reflect the delicate balancing act Pakistan is performing—managing fiscal pressures, meeting IMF guidelines, and navigating a volatile global economic landscape.
