Malawi Treasury bills · auction of 12 November 2019
Malawi T-bill auction, 12 November 2019: 91-day at 6.00%, down 83 bps
At the Treasury bill auction dated 12 November 2019, the Reserve Bank of Malawi cleared the 91-day bill at 6.00% (down 83 basis points) and the 182-day bill at 7.20% (down 40 basis points). The rate shown is the average yield of allotted bids.
Bids totalled MWK 13.1bn and MWK 5.4bn was accepted, 41% of what was bid.
At 6.00%, the 91-day rate is the lowest in the 23 auctions of the past year.
A year earlier the 91-day bill cleared at 14.00%, so the government is paying 800 basis points less than twelve months ago.
What this means for MWK 1,000,000
Worked from the published rate · information, not advice
MWK 36,000 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 1,036,000 after 6 months: MWK 36,000 in interest before any withholding tax, about MWK 6,000 a month.
That is MWK 1,990 less than the same money would have earned at the previous auction.
For shorter money: MWK 15,000 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 | 6.000% | 6.825% | — | MWK 6.22bn | MWK 1.08bn |
| 182-day | 7.200% | 7.598% | — | MWK 6.93bn | MWK 4.27bn |
Source: Reserve Bank of Malawi result · average yield of allotted bids
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Afronomics (2026). Malawi Treasury bill auction, 12 November 2019, compiled from the Reserve Bank of Malawi. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/malawi/2019-11-12
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