Malawi Treasury bills · auction of 4 February 2020
Malawi T-bill auction, 4 February 2020: 364-day at 10.00%, down 89 bps
At the Treasury bill auction dated 4 February 2020, the Reserve Bank of Malawi cleared the 91-day bill at 9.00% (up 285 basis points), the 182-day bill at 10.00% (unchanged) and the 364-day bill at 10.00% (down 89 basis points). The rate shown is the average yield of allotted bids.
Bids totalled MWK 28.8bn and MWK 5.9bn was accepted, 21% of what was bid.
Over the past year the 364-day rate has ranged from 8.00% to 11.50%.
A year earlier the 364-day bill cleared at 14.00%, so the government is paying 400 basis points less than twelve months ago.
What this means for MWK 1,000,000
Worked from the published rate · information, not advice
MWK 100,000 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 1,100,000 after 12 months: MWK 100,000 in interest before any withholding tax, about MWK 8,333 a month.
That is MWK 8,854 less than the same money would have earned at the previous auction.
For shorter money: MWK 50,000 on the 182-day bill (6 months), MWK 22,500 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 | 9.000% | 6.150% | — | MWK 134m | MWK 134m |
| 182-day | 10.000% | 10.000% | — | MWK 473m | MWK 420m |
| 364-day | 10.000% | 10.885% | — | MWK 28.15bn | MWK 5.37bn |
Source: Reserve Bank of Malawi result · average yield of allotted bids
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Afronomics (2026). Malawi Treasury bill auction, 4 February 2020, compiled from the Reserve Bank of Malawi. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/malawi/2020-02-04
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