Malawi Treasury bills · auction of 19 February 2019
Malawi T-bill auction, 19 February 2019: 91-day at 9.50%, up 10 bps
At the Treasury bill auction dated 19 February 2019, the Reserve Bank of Malawi cleared the 91-day bill at 9.50% (up 10 basis points) and the 182-day bill at 10.50% (down 250 basis points). The rate shown is the average yield of allotted bids.
Bids totalled MWK 20.0bn and MWK 12.2bn was accepted, 61% of what was bid.
Over the past year the 91-day rate has ranged from 9.40% to 14.00%.
A year earlier the 91-day bill cleared at 13.91%, so the government is paying 442 basis points less than twelve months ago.
What this means for MWK 1,000,000
Worked from the published rate · information, not advice
MWK 52,500 in 6 months on the 182-day bill
Put MWK 1,000,000 into the 182-day bill at this auction and you get back MWK 1,052,500 after 6 months: MWK 52,500 in interest before any withholding tax, about MWK 8,750 a month.
That is MWK 12,500 less than the same money would have earned at the previous auction.
For shorter money: MWK 23,742 on the 91-day bill (3 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 |
|---|---|---|---|---|---|
| 91-day | 9.497% | 9.395% | — | MWK 1.74bn | MWK 1.74bn |
| 182-day | 10.500% | 13.000% | — | MWK 18.25bn | MWK 10.44bn |
Source: Reserve Bank of Malawi result · average yield of allotted bids
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Afronomics (2026). Malawi Treasury bill auction, 19 February 2019, compiled from the Reserve Bank of Malawi. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/malawi/2019-02-19
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