| |
|
Treasury Bills
|
|
|
O / N
|
3 month
|
6 month
|
12 month
|
| Dec 2011 |
10.97% |
11.79% |
11.76% |
11.83% |
| Nov 2011 |
11.52% |
11.76% |
11.78% |
11.83% |
| Oct 2011 |
11.93% |
12.11% |
12.10% |
12.17% |
| Sep 2011 |
13.27% |
13.18% |
13.18% |
13.26% |
| Aug 2011 |
12.63% |
13.14% |
13.19% |
13.30% |
| Jul 2011 |
13.59% |
13.35% |
13.47% |
13.61% |
| Jun 2011 |
12.60% |
13.22% |
13.43% |
13.61% |
|
Rates are secondary market yields - monthly averages.
|
|
| |
|
Pakistan Investment Bond
|
|
|
3 year
|
5 year
|
10 year
|
|
Dec 2011
|
12.48% |
12.74% |
12.76% |
|
Nov 2011
|
12.09% |
12.29% |
12.15% |
|
Oct 2011
|
12.24% |
12.26% |
12.26% |
|
Sep 2011
|
13.13% |
13.15% |
13.15% |
|
Aug 2011
|
13.36% |
13.39% |
13.43% |
| Jul 2011 |
13.97% |
14.02% |
14.06% |
| Jun 2011 |
13.99% |
14.04% |
14.08% |
|
May 2011
|
14.22% |
14.04% |
14.10% |
|
Rates are secondary market yields - monthly averages.
|
|
Money Market in Pakistan
Money Market in Pakistan consists primarily of the interbank secondary market where call money, institutional placements, repo, and government and corporate securities are traded.
Participants in the Money Market
The participants in the local money market include the government as an issuer of government debt instruments; private sector corporations issuing short tenor debt instruments to raise funds and whose paper are traded in the secondary market; State Bank of Pakistan acting as an intermediary between the Ministry of Finance and the investors with regards to government debt and also monitoring and regulating money supply; primary market dealers authorized by the SBP to submit bids at the auctions of government securities conducted by the SBP; secondary market investors that includes corporations, mutual funds and retail investors who invest in debt securities purchasing them from primary dealers or other investors in the secondary market; and interbank brokers who service lenders & borrowers or buyers & sellers of securities.
Instruments in the Money Market
Some of the actively traded instruments in the secondary market are:
-
Treasury Bills issued by the Ministry of Finance are the most actively traded and sold through regular auctions conducted by the State Bank. They are issued in 3, 6 and 12 month tenors.
-
Pakistan Investment Bond introduced in 2000 with maturities of 3, 5 and 10 years. In 2003, PIBs of 15 and 20 year tenors were introduced and recently the 7 year tenor was also introduced. These instruments carry semi-annual coupons.
-
Term Finance Certificates issued by corporations and financial institutions to raise funds.
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