Malawi Treasury bills · auction of 18 August 2020
Malawi T-bill auction, 18 August 2020: 364-day at 13.75%, up 6 bps
At the Treasury bill auction dated 18 August 2020, the Reserve Bank of Malawi cleared the 364-day bill at 13.75% (up 6 basis points). The rate shown is the average yield of allotted bids.
Bids totalled MWK 4.6bn and MWK 4.1bn was accepted, 89% of what was bid.
At 13.75%, the 364-day rate is the highest in the 36 auctions of the past year.
A year earlier the 364-day bill cleared at 10.00%, so the government is paying 375 basis points more than twelve months ago.
What this means for MWK 1,000,000
Worked from the published rate · information, not advice
MWK 137,486 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 1,137,486 after 12 months: MWK 137,486 in interest before any withholding tax, about MWK 11,457 a month.
That is MWK 635 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 | 13.749% | 13.685% | — | MWK 4.61bn | MWK 4.11bn |
Source: Reserve Bank of Malawi result · average yield of allotted bids
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Afronomics (2026). Malawi Treasury bill auction, 18 August 2020, compiled from the Reserve Bank of Malawi. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/malawi/2020-08-18
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