KARACHI: The State Bank of Pakistan (SBP) has announced procedure for execution of buyback transactions of treasury bills. According to a circular issued on Friday, the SBP will conduct a buyback auction of treasury bills on behalf of the government. The SBP will announce the details such as security, target amount, auction schedule, etc, and auction result for the buyback of MTBs on Refinitiv, Bloomberg, SBPK pages and on SBP website, said the circular. The buyback price of the security will be determined through multiple-price competitive auction process, it added. All banks will be eligible to submit competitive bids in the auctions. Non-competitive bids can also be submitted as per existing instructions. Eligible participants will be required to submit the details of bid price (per Rs100 of face value) for the buyback up to four decimal and amount of the securities in the auction bidding on Bloomberg Auction Module (AUPD) within the stipulated time. On settlement date, the bought back securities will be debited from the SGLA of successful bidders while their current accounts will be credited with the accepted price. Apart from the above, all other auction rules and procedures will apply to the buyback auctions as defined in various auction related circulars.