Malawi Treasury bills · auction of 1 September 2020
Malawi T-bill auction, 1 September 2020: 364-day at 13.71%, down 4 bps
At the Treasury bill auction dated 1 September 2020, the Reserve Bank of Malawi cleared the 91-day bill at 9.85% (unchanged), the 182-day bill at 12.57% (up 2 basis points) and the 364-day bill at 13.71% (down 4 basis points). The rate shown is the average yield of allotted bids.
Bids totalled MWK 15.7bn and MWK 9.0bn was accepted, 57% of what was bid.
Over the past year the 364-day rate has ranged from 8.00% to 13.75%.
A year earlier the 364-day bill cleared at 10.00%, so the government is paying 371 basis points more than twelve months ago.
What this means for MWK 1,000,000
Worked from the published rate · information, not advice
MWK 137,118 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 1,137,118 after 12 months: MWK 137,118 in interest before any withholding tax, about MWK 11,427 a month.
That is MWK 368 less than the same money would have earned at the previous auction.
For shorter money: MWK 62,833 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 503m | MWK 3m |
| 182-day | 12.567% | 12.550% | — | MWK 3.01bn | MWK 3.01bn |
| 364-day | 13.712% | 13.749% | — | MWK 12.22bn | MWK 5.96bn |
Source: Reserve Bank of Malawi result · average yield of allotted bids
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Afronomics (2026). Malawi Treasury bill auction, 1 September 2020, compiled from the Reserve Bank of Malawi. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/malawi/2020-09-01
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