KARACHI: The government raised Rs427 billion by auctioning Pakistan Investment Bonds (PIBs) on Wednes­day, exceeding the Rs350bn target.

The government raised Rs77bn more, reflecting the increasing need for government spending. The banks were also found to be over-liquid as they were willing to invest Rs887bn in the PIBs.

Interestingly, the government raised the highest amount of Rs287.6bn for 10........

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