Malawi Treasury bills · auction of 23 December 2014
Malawi T-bill auction, 23 December 2014: 364-day at 26.96%, up 184 bps
At the Treasury bill auction dated 23 December 2014, the Reserve Bank of Malawi cleared the 182-day bill at 26.86% (up 213 basis points) and the 364-day bill at 26.96% (up 184 basis points). The rate shown is the average yield of allotted bids.
Bids totalled MWK 12.6bn and MWK 12.4bn was accepted, 98% of what was bid.
Over the past year the 364-day rate has ranged from 17.81% to 35.90%.
A year earlier the 364-day bill cleared at 36.52%, so the government is paying 956 basis points less than twelve months ago.
What this means for MWK 1,000,000
Worked from the published rate · information, not advice
MWK 269,578 in 12 months on the 364-day bill
Put MWK 1,000,000 into the 364-day bill at this auction and you get back MWK 1,269,578 after 12 months: MWK 269,578 in interest before any withholding tax, about MWK 22,465 a month.
That is MWK 18,378 more than the same money would have earned at the previous auction.
For shorter money: MWK 134,293 on the 182-day bill (6 months).
The government pays the full amount at maturity; the risk is Malawi’s government not paying, and the money is locked until then.
Results
By tenor
| Tenor | Rate | Previous | Offered | Bids | Accepted |
|---|---|---|---|---|---|
| 182-day | 26.859% | 24.732% | — | MWK 9.71bn | MWK 9.61bn |
| 364-day | 26.958% | 25.120% | — | MWK 2.93bn | MWK 2.83bn |
Source: Reserve Bank of Malawi result · average yield of allotted bids
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Afronomics (2026). Malawi Treasury bill auction, 23 December 2014, compiled from the Reserve Bank of Malawi. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/malawi/2014-12-23
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