Malawi Treasury bills · auction of 12 March 2019
Malawi T-bill auction, 12 March 2019: 364-day at 11.38%, unchanged
At the Treasury bill auction dated 12 March 2019, the Reserve Bank of Malawi cleared the 182-day bill at 10.50% (unchanged) and the 364-day bill at 11.38% (unchanged). The rate shown is the average yield of allotted bids.
Bids totalled MWK 32.6bn and MWK 11.0bn was accepted, 34% of what was bid.
At 11.38%, the 364-day rate is the lowest in the 55 auctions of the past year.
A year earlier the 364-day bill cleared at 15.00%, so the government is paying 362 basis points less than twelve months ago.
What this means for MWK 1,000,000
Worked from the published rate · information, not advice
MWK 113,762 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 1,113,762 after 12 months: MWK 113,762 in interest before any withholding tax, about MWK 9,480 a month.
That is the same as at the previous auction.
For shorter money: MWK 52,500 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 | 10.500% | 10.500% | — | MWK 16.42bn | MWK 3.00bn |
| 364-day | 11.376% | 11.376% | — | MWK 16.21bn | MWK 8.00bn |
Source: Reserve Bank of Malawi result · average yield of allotted bids
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Afronomics (2026). Malawi Treasury bill auction, 12 March 2019, compiled from the Reserve Bank of Malawi. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/malawi/2019-03-12
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