KARACHI: Recent data released by the State Bank of Pakistan (SBP) pointed to a record increase of foreign investment in treasury bills (T-bills) as it reached a new high of $712.8 million in the first four months of the current fiscal year.
The government-backed securities have seemingly gained attraction for foreigners, with the financial sector claiming that the new trend reflects confidence in the economic reforms being implemented in the country.
The treasury bills clocked up $278.6m alone in the first 13 days of November, with the investment almost exclusively coming from two countries: the US and UK. Meanwhile, inflows from the United Arab Emirates during the period amounted to $19.5m while $8m originated from Luxemburg.
In a recent press conference, State Bank Governor Dr Reza Baqir shot down the speculation that foreign investment in T-bills would drop once the interest rates go down.
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