Malawi Treasury bills · auction of 5 November 2019
Malawi T-bill auction, 5 November 2019: 364-day at 8.00%, down 50 bps
At the Treasury bill auction dated 5 November 2019, the Reserve Bank of Malawi cleared the 182-day bill at 7.60% (down 40 basis points) and the 364-day bill at 8.00% (down 50 basis points). The rate shown is the average yield of allotted bids.
Bids totalled MWK 20.5bn and MWK 8.4bn was accepted, 41% of what was bid.
At 8.00%, the 364-day rate is the lowest in the 39 auctions of the past year.
A year earlier the 364-day bill cleared at 15.00%, so the government is paying 700 basis points less than twelve months ago.
What this means for MWK 1,000,000
Worked from the published rate · information, not advice
MWK 80,000 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 1,080,000 after 12 months: MWK 80,000 in interest before any withholding tax, about MWK 6,667 a month.
That is MWK 5,000 less than the same money would have earned at the previous auction.
For shorter money: MWK 37,991 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 | 7.598% | 8.000% | — | MWK 10.62bn | MWK 1.66bn |
| 364-day | 8.000% | 8.500% | — | MWK 9.86bn | MWK 6.70bn |
Source: Reserve Bank of Malawi result · average yield of allotted bids
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Afronomics (2026). Malawi Treasury bill auction, 5 November 2019, compiled from the Reserve Bank of Malawi. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/malawi/2019-11-05
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