KARACHI: The government on Wednesday raised Rs778 billion against the treasury bills (T-bills) auction target of Rs800bn, with minor changes in the cut-off yields for different tenors. The State Bank of Pakistan reported that massive bids of Rs1.844 trillion reflected ample liquidity in the banking sector. The government slashed the rate for three-month tenor by 20 basis points to 13.69 per cent while the yield on benchmark six-month T-bills was kept unchanged at 13.5pc. However, the yield on 12-month papers increased by 10bps to 13.19pc. Compared to the secondary market, the cut-off yields for three-, six- and 12-month T-bills were higher by 47bps, 36bps and 17bps, respectively. The government is borrowing less than the investors’ expectations mainly because of the higher liquidity available in its accounts.