Malawi Treasury bills · auction of 4 March 2020
Malawi T-bill auction, 4 March 2020: 364-day at 9.78%, down 22 bps
At the Treasury bill auction dated 4 March 2020, the Reserve Bank of Malawi cleared the 91-day bill at 7.50% (down 50 basis points) and the 364-day bill at 9.78% (down 22 basis points). The rate shown is the average yield of allotted bids.
Bids totalled MWK 27.9bn and MWK 10.3bn was accepted, 37% 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 11.38%, so the government is paying 160 basis points less than twelve months ago.
What this means for MWK 1,000,000
Worked from the published rate · information, not advice
MWK 97,770 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 1,097,770 after 12 months: MWK 97,770 in interest before any withholding tax, about MWK 8,148 a month.
That is MWK 2,230 less than the same money would have earned at the previous auction.
For shorter money: MWK 18,750 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 | 7.500% | 8.000% | — | MWK 7.03bn | MWK 1.65bn |
| 364-day | 9.777% | 10.000% | — | MWK 20.90bn | MWK 8.68bn |
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, 4 March 2020, compiled from the Reserve Bank of Malawi. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/malawi/2020-03-04
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.