KARACHI (Reuters) - The cut-off yield on Pakistans 12-month paper rose to 11.8769 per cent at an auction on Wednesday from 11.5392 per cent in the previous auction, the State Bank of Pakistan said. The weighted average yield on the 12-month paper rose to 11.7514 percent, compared with 11.4703 percent in the previous auction on July 15. The State Bank of Pakistan said it rejected all bids for the six-month and three-month paper. The cut-off yield for the six-month and three-month T-bills in the previous auction was 11.5151 percent and 11.4161 percent respectively. Dealers said they were waiting for the announcement of monetary policy for the July-September quarter, which got delayed to Aug. 15 from July 25. In the last review in April, the SBP cut its discount rate, the key policy rate, by 100 basis points to 14 percent. This was the second T-bill auction for the 2009/10 fiscal year that began on July 1.