Malawi Treasury bills · auction of 11 August 2020
Malawi T-bill auction, 11 August 2020: 364-day at 13.69%, unchanged
At the Treasury bill auction dated 11 August 2020, the Reserve Bank of Malawi cleared the 91-day bill at 9.85% (unchanged), the 182-day bill at 12.55% (up 1 basis point) and the 364-day bill at 13.69% (unchanged). The rate shown is the average yield of allotted bids.
Bids totalled MWK 5.1bn and MWK 5.1bn was accepted, 100% of what was bid.
At 13.69%, the 364-day rate is the highest in the 35 auctions of the past year.
A year earlier the 364-day bill cleared at 10.00%, so the government is paying 369 basis points more than twelve months ago.
What this means for MWK 1,000,000
Worked from the published rate · information, not advice
MWK 136,851 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 1,136,851 after 12 months: MWK 136,851 in interest before any withholding tax, about MWK 11,404 a month.
That is MWK 28 more than the same money would have earned at the previous auction.
For shorter money: MWK 62,750 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% | 9.854% | — | MWK 3m | MWK 3m |
| 182-day | 12.550% | 12.540% | — | MWK 8m | MWK 8m |
| 364-day | 13.685% | 13.682% | — | MWK 5.05bn | MWK 5.04bn |
Source: Reserve Bank of Malawi result · average yield of allotted bids
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Afronomics (2026). Malawi Treasury bill auction, 11 August 2020, compiled from the Reserve Bank of Malawi. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/malawi/2020-08-11
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