Malawi Treasury bills · auction of 21 April 2020
Malawi T-bill auction, 21 April 2020: 364-day at 12.51%, up 1 bps
At the Treasury bill auction dated 21 April 2020, the Reserve Bank of Malawi cleared the 91-day bill at 7.80% (down 1 basis point) and the 364-day bill at 12.51% (up 1 basis point). The rate shown is the average yield of allotted bids.
Bids totalled MWK 3.6bn and MWK 3.6bn was accepted, 98% of what was bid.
At 12.51%, the 364-day rate is the highest in the 31 auctions of the past year.
A year earlier the 364-day bill cleared at 11.50%, so the government is paying 101 basis points more than twelve months ago.
What this means for MWK 1,000,000
Worked from the published rate · information, not advice
MWK 125,050 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 1,125,050 after 12 months: MWK 125,050 in interest before any withholding tax, about MWK 10,421 a month.
That is MWK 52 more than the same money would have earned at the previous auction.
For shorter money: MWK 19,500 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 | 7.800% | 7.807% | — | MWK 146m | MWK 64m |
| 364-day | 12.505% | 12.500% | — | MWK 3.49bn | MWK 3.49bn |
Source: Reserve Bank of Malawi result · average yield of allotted bids
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Afronomics (2026). Malawi Treasury bill auction, 21 April 2020, compiled from the Reserve Bank of Malawi. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/malawi/2020-04-21
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