Malawi Treasury bills · auction of 15 December 2020
Malawi T-bill auction, 15 December 2020: 364-day at 13.56%, up 6 bps
At the Treasury bill auction dated 15 December 2020, the Reserve Bank of Malawi cleared the 182-day bill at 12.50% (unchanged) and the 364-day bill at 13.56% (up 6 basis points). The rate shown is the average yield of allotted bids.
Bids totalled MWK 10.5bn and MWK 9.5bn was accepted, 90% of what was bid.
Over the past year the 364-day rate has ranged from 9.65% to 13.94%.
A year earlier the 364-day bill cleared at 8.00%, so the government is paying 556 basis points more than twelve months ago.
What this means for MWK 1,000,000
Worked from the published rate · information, not advice
MWK 135,600 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 1,135,600 after 12 months: MWK 135,600 in interest before any withholding tax, about MWK 11,300 a month.
That is MWK 600 more than the same money would have earned at the previous auction.
For shorter money: MWK 62,500 on the 182-day bill (6 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 |
|---|---|---|---|---|---|
| 182-day | 12.500% | 12.500% | — | MWK 4.51bn | MWK 4.51bn |
| 364-day | 13.560% | 13.500% | — | MWK 6.00bn | MWK 5.00bn |
Source: Reserve Bank of Malawi result · average yield of allotted bids
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Afronomics (2026). Malawi Treasury bill auction, 15 December 2020, compiled from the Reserve Bank of Malawi. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/malawi/2020-12-15
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