Government raises Rs161b through PIBs Auctions three to ten-year bonds to commercial banks KARACHI: The government on Wednesday raised financing of Rs161 billion through the auction of three to 10-year Pakistan Investment Bonds (PIBs) to commercial banks against the target of Rs125 billion, adding to domestic debt which is already at high levels. More importantly, banks - whose deposits grew 16% to Rs17.95 trillion in May compared to the same month of last year - offered three times the amount to buy PIBs at Rs376 billion compared to the government’s target to raise Rs125 billion through the auction. The banks higher participation suggests they have ample liquidity, as shown by growth in deposits, and are desperate to invest it even at a low rate of return.