Malawi Treasury bills · auction of 12 May 2020
Malawi T-bill auction, 12 May 2020: 364-day at 12.64%, down 5 bps
At the Treasury bill auction dated 12 May 2020, the Reserve Bank of Malawi cleared the 91-day bill at 7.58% (unchanged), the 182-day bill at 10.00% (up 154 basis points) and the 364-day bill at 12.64% (down 5 basis points). The rate shown is the average yield of allotted bids.
Bids totalled MWK 10.7bn and MWK 3.6bn was accepted, 34% of what was bid.
Over the past year the 364-day rate has ranged from 8.00% to 12.69%.
A year earlier the 364-day bill cleared at 10.48%, so the government is paying 216 basis points more than twelve months ago.
What this means for MWK 1,000,000
Worked from the published rate · information, not advice
MWK 126,384 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 1,126,384 after 12 months: MWK 126,384 in interest before any withholding tax, about MWK 10,532 a month.
That is MWK 516 less than the same money would have earned at the previous auction.
For shorter money: MWK 50,000 on the 182-day bill (6 months), 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% | 7.579% | — | MWK 3m | MWK 3m |
| 182-day | 10.000% | 8.456% | — | MWK 5m | MWK 5m |
| 364-day | 12.638% | 12.690% | — | MWK 10.69bn | MWK 3.61bn |
Source: Reserve Bank of Malawi result · average yield of allotted bids
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Afronomics (2026). Malawi Treasury bill auction, 12 May 2020, compiled from the Reserve Bank of Malawi. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/malawi/2020-05-12
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