SBP Plans Rs 4.7 Trillion of T-Bill Sales to December 2026, Next Auction on 14 October

The State Bank of Pakistan (SBP) has set a target to sell Rs 4.7 trillion of treasury bills in seven auctions from 30 September to 23 December 2026. The next one is on Wednesday 14 October, with a target of Rs 550 billion. The SBP's calendar page was updated on 9 October 2026.

A treasury bill, or T-bill, is a short loan to the government. You pay less than face value today and get the full face value back on a set date. The SBP runs the auctions on behalf of the government every two weeks. The target tells you how much money the government wants to raise.

We read the SBP's calendar and its latest auction result, both on the SBP's own site. Here is the schedule, what the last auction paid, and what it means for savers and for the bank loan you may already have.

The SBP will hold six more T-bill auctions before the end of 2026

The calendar covers October to December. It lists seven auctions, and the first, on 30 September, has already taken place. Settlement, the day the money moves, is one day after each auction.

The six auctions still to come have a combined target of Rs 4,000 billion, by our sum. Bidding runs from 10 am to 12 noon on each auction day, and the SBP says it communicates the result on the same day. The SBP also says it can reject bids without giving a reason.

The 14 October auction targets Rs 550 billion

The next auction is the one to watch. The SBP's tenor table splits the Rs 550 billion across four lengths of bill.

Rs 559 billion of older bills mature around the same time, of which Rs 200 billion is held by provincial governments. So the target roughly matches what the government must repay. Across all seven auctions, the maturing bills total Rs 5,649 billion against a Rs 4,700 billion target. That is Rs 949 billion less, our own subtraction. It suggests the government plans to hold fewer T-bills, but it can also borrow through longer bonds, as it did in the PIB auction on 7 October.

The last auction drew bids of Rs 2.7 trillion and yields rose

The SBP's result for 30 September shows demand far above the target. Banks and dealers bid Rs 2,726 billion in face value. The SBP accepted Rs 880 billion, which is Rs 180 billion above the Rs 700 billion target.

The cut-off yield is the highest rate the SBP accepted. The weighted average is the average of all accepted bids. On 16 September the 12 month cut-off was 12.00 per cent, as we reported in our guide to buying T-bills and PIBs. Two weeks later it was 12.49 per cent. The policy rate is 11.5 per cent, as the SBP's monetary policy committee decided on 14 September.

What higher yields mean for savers and borrowers

Yields are the rate the government pays to borrow. When they rise, three things tend to follow.

• Savers: a 12 month T-bill at 12.49 per cent pays more than most bank savings accounts. Tax is deducted from the profit, so read the withholding rule before you compare.
• Borrowers: many business and home loans are priced off KIBOR, which follows these yields. Our KIBOR explainer shows how it reaches your instalment.
• The budget: a higher rate means more interest to pay, and interest is already a large part of spending.

Primary dealers place most bids. An individual can still join through a bank or the SBP's InvestPak portal with a non-competitive bid, which accepts the average rate, from Rs 5,000, as our guide explains.

How to check the 14 October result

1. Open sbp.org.pk, go to Publications and Data, then Economic Data.
2. Find "Auction Result (latest) of Market Treasury Bills".
3. Check the date line says 14 October 2026.
4. Read the cut-off and weighted average yield for each length.
5. Compare the total accepted with the Rs 550 billion target.

Common questions

When is the next T-bill auction?

Wednesday 14 October 2026, with settlement on 15 October. The target is Rs 550 billion.

How much will the SBP try to raise by December?

Rs 4,700 billion across seven auctions from 30 September to 23 December, by the SBP's calendar.

What did the last auction pay?

The 12 month bill had a cut-off yield of 12.4945 per cent on 30 September. The 1 month bill was 11.6794 per cent.

Can I buy T-bills myself?

Yes, through your bank or InvestPak, from Rs 5,000. A non-competitive bid accepts the average rate.

Is the target a promise?

No. It is a target. The SBP can accept more or less, as on 30 September, when it took Rs 180 billion above target.

How we verified this

What we checked, where we read it, and what we could not confirm.

Last checked 11 October 2026, about 6 am PKT. We downloaded the SBP's "Auction Target Calendar, Market Treasury Bill, Oct 2026 to Dec 2026" and the "Market Treasury Bills Auction Result" for 30 September from the SBP's Economic Data page, and the monetary policy statement of 14 September. The calendar listing showed 9 October 2026. Sums and the Rs 949 billion difference are our own arithmetic.