Kenya Treasury bills · auction of 16 March 2026
Kenya T-bill auction, 16 March 2026: 91-day at 7.564%, down 2 bps
At the Treasury bill auction dated 16 March 2026, the Central Bank of Kenya cleared the 91-day bill at 7.564% (down 2 basis points), the 182-day bill at 7.846% (up 2 basis points) and the 364-day bill at 8.480% (down 16 basis points).
Demand was strong: bids totalled KES 43.7bn against KES 24.0bn on offer, a subscription rate of 182%. The government accepted KES 32.3bn, or 74% of what was bid.
The 364-day paper drew the most interest relative to its size, at 309% subscribed.
At 7.564%, the 91-day rate is the lowest in the 52 auctions of the past year.
What this means for KES 100,000
Worked from the published rate · information, not advice
KES 7,208 in 12 months on the 364-day bill, after tax
Put KES 100,000 into the 364-day bill at this auction and you get back KES 107,208 after 12 months: KES 7,208 in interest after 15% withholding tax (KES 8,481 before), about KES 601 a month.
That is KES 138 less than the same money would have earned at the previous auction.
For shorter money: KES 3,334 on the 182-day bill (6 months), KES 1,607 on the 91-day bill (3 months).
The Central Bank’s minimum bid is KES 100,000, and the government pays the full amount at maturity; the risk is Kenya’s government not paying, and the money is locked until then.
Kwa Kiswahili
Ukiweka KES 100,000 kwenye hati ya siku 364 kwa riba ya mnada huu, utarudishiwa KES 107,208 baada ya miezi 12: riba ya KES 7,208 baada ya kodi ya zuio ya 15% (KES 8,481 kabla ya kodi), yaani takriban KES 601 kwa mwezi.
Hiyo ni KES 138 pungufu ya kiasi ambacho pesa hiyo hiyo ingepata kwenye mnada uliopita.
Kiwango cha chini cha Benki Kuu ni KES 100,000. Serikali hulipa yote mwishoni mwa muda; hatari ni serikali kushindwa kulipa, na pesa haipatikani hadi muda uishe.
Compare with money market funds and bank deposits, after tax →
Results
By tenor
| Tenor | Rate | Previous | Offered | Bids | Subscription | Accepted | Price /100 |
|---|---|---|---|---|---|---|---|
| 91-day | 7.564% | 7.580% | KES 4.00bn | KES 4.98bn | 124% | KES 4.95bn | 98.149 |
| 182-day | 7.846% | 7.822% | KES 10.00bn | KES 7.89bn | 79% | KES 7.89bn | 96.235 |
| 364-day | 8.480% | 8.643% | KES 10.00bn | KES 30.87bn | 309% | KES 19.42bn | 92.202 |
Source: Central Bank of Kenya result notice · the PDF these figures were read from
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