Qudsia Bano

The federal government has planned to raise Rs3.25 trillion through the auction of Market Treasury Bills (MTBs) during the January–March 2026 quarter, according to the auction calendar issued by the State Bank of Pakistan (SBP). As per the schedule released by the Domestic Markets and Monetary Management Department, the government will conduct six T-bill auctions between January and March 2026, with maturities ranging from one month to twelve months.

The total target for the quarter includes Rs650 billion for one-month papers, Rs750 billion for three-month bills, Rs950 billion for six-month instruments, and Rs900 billion for 12-month papers. The auction calendar shows that Rs850 billion will be raised on January 8, followed by Rs700 billion on January 22.

Subsequent auctions are scheduled for February 6, February 19, March 5 and March 17, with targets ranging between Rs350 billion and Rs550 billion per auction. In addition to treasury bills, the government has also outlined its borrowing plan for Pakistan Investment Bonds (PIBs) during the same period. According to the SBP, the total target for PIB auctions between January and March 2026 stands at Rs1.35 trillion.

The PIB auction plan includes multiple tenors, with targets of Rs100 billion each for 2-year, 3-year, 5-year and 10-year bonds, and Rs50 billion for 15-year bonds in each auction. The auctions are scheduled for January 14, February 6 and March 11. The State Bank stated that the borrowing programme is part of routine debt management operations aimed at meeting government financing needs and managing liquidity in the domestic market.

Credit: INP-WealthPk