Malawi Treasury bills · auction of 19 May 2020
Malawi T-bill auction, 19 May 2020: 364-day at 12.78%, up 14 bps
At the Treasury bill auction dated 19 May 2020, the Reserve Bank of Malawi cleared the 364-day bill at 12.78% (up 14 basis points). The rate shown is the average yield of allotted bids.
Bids totalled MWK 3.1bn and MWK 3.1bn was accepted, 100% of what was bid.
At 12.78%, the 364-day rate is the highest in the 33 auctions of the past year.
A year earlier the 364-day bill cleared at 10.00%, so the government is paying 278 basis points more than twelve months ago.
What this means for MWK 1,000,000
Worked from the published rate · information, not advice
MWK 127,810 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 1,127,810 after 12 months: MWK 127,810 in interest before any withholding tax, about MWK 10,651 a month.
That is MWK 1,426 more than the same money would have earned at the previous auction.
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 |
|---|---|---|---|---|---|
| 364-day | 12.781% | 12.638% | — | MWK 3.11bn | MWK 3.11bn |
Source: Reserve Bank of Malawi result · average yield of allotted bids
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Afronomics (2026). Malawi Treasury bill auction, 19 May 2020, compiled from the Reserve Bank of Malawi. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/malawi/2020-05-19
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