Malawi Treasury bills · auction of 18 February 2020
Malawi T-bill auction, 18 February 2020: 364-day at 9.65%, down 35 bps
At the Treasury bill auction dated 18 February 2020, the Reserve Bank of Malawi cleared the 91-day bill at 8.25% (down 33 basis points), the 182-day bill at 8.48% (down 102 basis points) and the 364-day bill at 9.65% (down 35 basis points). The rate shown is the average yield of allotted bids.
Bids totalled MWK 33.0bn and MWK 5.8bn was accepted, 18% 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 11.50%, so the government is paying 185 basis points less than twelve months ago.
What this means for MWK 1,000,000
Worked from the published rate · information, not advice
MWK 96,475 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 1,096,475 after 12 months: MWK 96,475 in interest before any withholding tax, about MWK 8,040 a month.
That is MWK 3,525 less than the same money would have earned at the previous auction.
For shorter money: MWK 42,400 on the 182-day bill (6 months), MWK 20,625 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 | 8.250% | 8.579% | — | MWK 5.01bn | MWK 1.54bn |
| 182-day | 8.480% | 9.500% | — | MWK 12.70bn | MWK 832m |
| 364-day | 9.648% | 10.000% | — | MWK 15.24bn | MWK 3.40bn |
Source: Reserve Bank of Malawi result · average yield of allotted bids
Cite or reuse this data
Free to quote, chart and republish with the credit “Source: Afronomics, compiled from the Reserve Bank of Malawi” and a link to this page.
Afronomics (2026). Malawi Treasury bill auction, 18 February 2020, compiled from the Reserve Bank of Malawi. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/malawi/2020-02-18
Free, every weekday at 7:00
The Afronomics Morning
Africa’s markets before 7am: the currencies that moved overnight, the auction results that landed, what is due today and the headlines that matter. Plus the Weekly every Monday.