Karachi, November 8, 2025: The State Bank of Pakistan (SBP) has announced a comprehensive auction calendar outlining plans to raise more than Rs5.8 trillion through government securities between November 2025 and January 2026. The initiative aims to support fiscal financing, manage market liquidity, and maintain monetary stability amid persistently high interest rates and limited fiscal space.
According to the Domestic Markets and Monetary Management Department (DMMD), the plan includes Market Treasury Bills (MTBs), Pakistan Investment Bonds (PIBs), Government Ijara Sukuk (GIS), and a buyback program for floating-rate PIBs. The central bank will raise around Rs3.6 trillion through six MTB auctions scheduled for November 12, November 26, December 10, December 24, January 7, and January 21, against maturities totaling Rs4.013 trillion.
The largest MTB auction, targeting Rs800 billion, is set for December 11, followed by auctions of Rs650 billion and Rs600 billion on November 27, January 8, and January 22, respectively. Tenor-wise allocations include Rs600 billion in one-month bills, Rs900 billion in three-month bills, Rs950 billion in six-month bills, and Rs1.15 trillion in 12-month instruments.
Under the Pakistan Investment Bonds (PIBs) program, the SBP plans to raise Rs1.7 trillion through a mix of fixed- and floating-rate bonds. Fixed-rate PIB auctions scheduled for November 5, December 17, and January 14 will target Rs1.2 trillion, offering yields between 10.50% and 11.50% across maturities ranging from two to fifteen years. Six floating-rate PIB auctions, to be held alongside the MTB auctions, will aim to raise Rs500 billion with a semi-annual coupon rate of 10.8974%.
To manage liquidity in the secondary market, the SBP has also announced a buyback auction of floating-rate PIBs worth Rs200 billion, scheduled for November 12–13. Additionally, the central bank plans to purchase Rs275 billion in Government Ijara Sukuk (GIS) on November 26 and December 24 to support liquidity management in the Islamic banking sector.
Meanwhile, the Pakistani rupee gained slightly by Re0.03, closing at Rs280.82 against the US dollar in the interbank market. Despite rising global bullion prices, local gold rates remained steady at Rs423,062 per tola, reflecting relative market stability.
The SBP’s latest auction program highlights the government’s ongoing efforts to balance fiscal financing with monetary stability. By diversifying between conventional and Islamic instruments, the plan also aims to provide greater investment opportunities across different segments of the financial market while ensuring efficient debt management in the months ahead.