Malawi Treasury bills · auction of 17 March 2020
Malawi T-bill auction, 17 March 2020: 364-day at 10.85%, up 71 bps
At the Treasury bill auction dated 17 March 2020, the Reserve Bank of Malawi cleared the 91-day bill at 7.51% (up 1 basis point) and the 364-day bill at 10.85% (up 71 basis points). The rate shown is the average yield of allotted bids.
Bids totalled MWK 6.1bn and MWK 6.1bn was accepted, 100% 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 53 basis points less than twelve months ago.
What this means for MWK 1,000,000
Worked from the published rate · information, not advice
MWK 108,477 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 1,108,477 after 12 months: MWK 108,477 in interest before any withholding tax, about MWK 9,040 a month.
That is MWK 7,071 more than the same money would have earned at the previous auction.
For shorter money: MWK 18,779 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 | 7.511% | 7.500% | — | MWK 367m | MWK 367m |
| 364-day | 10.848% | 10.141% | — | MWK 5.75bn | MWK 5.75bn |
Source: Reserve Bank of Malawi result · average yield of allotted bids
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Afronomics (2026). Malawi Treasury bill auction, 17 March 2020, compiled from the Reserve Bank of Malawi. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/malawi/2020-03-17
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