Malawi Treasury bills · auction of 4 August 2020
Malawi T-bill auction, 4 August 2020: 364-day at 13.68%, up 1 bps
At the Treasury bill auction dated 4 August 2020, the Reserve Bank of Malawi cleared the 91-day bill at 9.85% (up 235 basis points), the 182-day bill at 12.54% (unchanged) and the 364-day bill at 13.68% (up 1 basis point). The rate shown is the average yield of allotted bids.
Bids totalled MWK 9.9bn and MWK 8.1bn was accepted, 82% of what was bid.
At 13.68%, the 364-day rate is the highest in the 34 auctions of the past year.
A year earlier the 364-day bill cleared at 10.00%, so the government is paying 368 basis points more than twelve months ago.
What this means for MWK 1,000,000
Worked from the published rate · information, not advice
MWK 136,823 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 1,136,823 after 12 months: MWK 136,823 in interest before any withholding tax, about MWK 11,402 a month.
That is MWK 109 more than the same money would have earned at the previous auction.
For shorter money: MWK 62,702 on the 182-day bill (6 months), MWK 24,635 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 | 9.854% | 7.500% | — | MWK 531m | MWK 531m |
| 182-day | 12.540% | 12.544% | — | MWK 6.82bn | MWK 5.08bn |
| 364-day | 13.682% | 13.671% | — | MWK 2.50bn | MWK 2.50bn |
Source: Reserve Bank of Malawi result · average yield of allotted bids
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Afronomics (2026). Malawi Treasury bill auction, 4 August 2020, compiled from the Reserve Bank of Malawi. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/malawi/2020-08-04
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