Malawi Treasury bills · auction of 23 April 2019
Malawi T-bill auction, 23 April 2019: 364-day at 10.48%, down 102 bps
At the Treasury bill auction dated 23 April 2019, the Reserve Bank of Malawi cleared the 91-day bill at 9.13% (down 37 basis points), the 182-day bill at 9.80% (down 70 basis points) and the 364-day bill at 10.48% (down 102 basis points). The rate shown is the average yield of allotted bids.
Bids totalled MWK 16.5bn and MWK 9.4bn was accepted, 57% of what was bid.
At 10.48%, the 364-day rate is the lowest in the 47 auctions of the past year.
A year earlier the 364-day bill cleared at 15.00%, so the government is paying 452 basis points less than twelve months ago.
What this means for MWK 1,000,000
Worked from the published rate · information, not advice
MWK 104,781 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 1,104,781 after 12 months: MWK 104,781 in interest before any withholding tax, about MWK 8,732 a month.
That is MWK 10,219 less than the same money would have earned at the previous auction.
For shorter money: MWK 49,000 on the 182-day bill (6 months), MWK 22,828 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 | 9.131% | 9.497% | — | MWK 383m | MWK 383m |
| 182-day | 9.800% | 10.500% | — | MWK 7.29bn | MWK 3.46bn |
| 364-day | 10.478% | 11.500% | — | MWK 8.87bn | MWK 5.54bn |
Source: Reserve Bank of Malawi result · average yield of allotted bids
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Afronomics (2026). Malawi Treasury bill auction, 23 April 2019, compiled from the Reserve Bank of Malawi. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/malawi/2019-04-23
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