PDs/All Banks

Dear Sirs,

Simultaneous Auction of 3,6 & 12 months Market Treasury Bills

Reference to instructions contained in SD Circular No. 05 dated 31st August, 1999; auction of Government of Pakistan Market Treasury Bills will continue to be conducted on alternative Wednesdays. However, all tenors viz. 3, 6 and 12-Months MTBs will now be offered in each Auction. Earlier instructions issued vide E&DMD Circular No. 17 dated 11th October 2002 to hold auctions of 3 & 12 months MTBs separate from 6 month MTBs stand withdrawn.

Other instructions on the subject will, however, remain unchanged.