Malawi Treasury bills · auction of 28 April 2020
Malawi T-bill auction, 28 April 2020: 364-day at 12.26%, down 24 bps
At the Treasury bill auction dated 28 April 2020, the Reserve Bank of Malawi cleared the 91-day bill at 7.58% (down 22 basis points) and the 364-day bill at 12.26% (down 24 basis points). The rate shown is the average yield of allotted bids.
Bids totalled MWK 13.9bn and MWK 6.9bn was accepted, 49% of what was bid.
Over the past year the 364-day rate has ranged from 8.00% to 12.51%.
A year earlier the 364-day bill cleared at 10.48%, so the government is paying 179 basis points more than twelve months ago.
What this means for MWK 1,000,000
Worked from the published rate · information, not advice
MWK 122,638 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 1,122,638 after 12 months: MWK 122,638 in interest before any withholding tax, about MWK 10,220 a month.
That is MWK 2,412 less than the same money would have earned at the previous auction.
For shorter money: MWK 18,948 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 | 7.579% | 7.800% | — | MWK 2.03bn | MWK 2.03bn |
| 364-day | 12.264% | 12.505% | — | MWK 11.89bn | MWK 4.83bn |
Source: Reserve Bank of Malawi result · average yield of allotted bids
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Afronomics (2026). Malawi Treasury bill auction, 28 April 2020, compiled from the Reserve Bank of Malawi. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/malawi/2020-04-28
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