Malawi Treasury bills · auction of 29 September 2020
Malawi T-bill auction, 29 September 2020: 364-day at 13.80%, up 4 bps
At the Treasury bill auction dated 29 September 2020, the Reserve Bank of Malawi cleared the 91-day bill at 9.95% (unchanged), the 182-day bill at 12.60% (up 2 basis points) and the 364-day bill at 13.80% (up 4 basis points). The rate shown is the average yield of allotted bids.
Bids totalled MWK 3.7bn and MWK 3.7bn was accepted, 100% of what was bid.
At 13.80%, the 364-day rate is the highest in the 38 auctions of the past year.
A year earlier the 364-day bill cleared at 9.87%, so the government is paying 392 basis points more than twelve months ago.
What this means for MWK 1,000,000
Worked from the published rate · information, not advice
MWK 137,958 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 1,137,958 after 12 months: MWK 137,958 in interest before any withholding tax, about MWK 11,497 a month.
That is MWK 439 more than the same money would have earned at the previous auction.
For shorter money: MWK 63,000 on the 182-day bill (6 months), MWK 24,875 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 | 9.950% | 9.950% | — | MWK 14m | MWK 14m |
| 182-day | 12.600% | 12.583% | — | MWK 386m | MWK 386m |
| 364-day | 13.796% | 13.752% | — | MWK 3.28bn | MWK 3.28bn |
Source: Reserve Bank of Malawi result · average yield of allotted bids
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Afronomics (2026). Malawi Treasury bill auction, 29 September 2020, compiled from the Reserve Bank of Malawi. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/malawi/2020-09-29
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