Malawi Treasury bills · auction of 14 July 2020
Malawi T-bill auction, 14 July 2020: 364-day at 13.62%, up 12 bps
At the Treasury bill auction dated 14 July 2020, the Reserve Bank of Malawi cleared the 91-day bill at 7.50% (unchanged), the 182-day bill at 12.15% (up 27 basis points) and the 364-day bill at 13.62% (up 12 basis points). The rate shown is the average yield of allotted bids.
Bids totalled MWK 42.8bn and MWK 23.4bn was accepted, 55% of what was bid.
At 13.62%, the 364-day rate is the highest in the 31 auctions of the past year.
A year earlier the 364-day bill cleared at 10.00%, so the government is paying 362 basis points more than twelve months ago.
What this means for MWK 1,000,000
Worked from the published rate · information, not advice
MWK 136,246 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 1,136,246 after 12 months: MWK 136,246 in interest before any withholding tax, about MWK 11,354 a month.
That is MWK 1,174 more than the same money would have earned at the previous auction.
For shorter money: MWK 60,726 on the 182-day bill (6 months), MWK 18,750 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 | 7.500% | 7.500% | — | MWK 5m | MWK 5m |
| 182-day | 12.145% | 11.872% | — | MWK 32.45bn | MWK 19.40bn |
| 364-day | 13.625% | 13.507% | — | MWK 10.34bn | MWK 4.00bn |
Source: Reserve Bank of Malawi result · average yield of allotted bids
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Afronomics (2026). Malawi Treasury bill auction, 14 July 2020, compiled from the Reserve Bank of Malawi. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/malawi/2020-07-14
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