Malawi Treasury bills · auction of 12 January 2021
Malawi T-bill auction, 12 January 2021: 364-day at 13.55%, down 2 bps
At the Treasury bill auction dated 12 January 2021, the Reserve Bank of Malawi cleared the 91-day bill at 9.95% (unchanged), the 182-day bill at 12.50% (down 5 basis points) and the 364-day bill at 13.55% (down 2 basis points). The rate shown is the average yield of allotted bids.
Bids totalled MWK 59.0bn and MWK 59.0bn was accepted, 100% 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 555 basis points more than twelve months ago.
What this means for MWK 1,000,000
Worked from the published rate · information, not advice
MWK 135,518 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 1,135,518 after 12 months: MWK 135,518 in interest before any withholding tax, about MWK 11,293 a month.
That is MWK 166 less than the same money would have earned at the previous auction.
For shorter money: MWK 62,522 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 2m | MWK 2m |
| 182-day | 12.504% | 12.553% | — | MWK 22.62bn | MWK 22.62bn |
| 364-day | 13.552% | 13.568% | — | MWK 36.36bn | MWK 36.36bn |
Source: Reserve Bank of Malawi result · average yield of allotted bids
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Afronomics (2026). Malawi Treasury bill auction, 12 January 2021, compiled from the Reserve Bank of Malawi. Retrieved 3 October 2026, from https://www.afronomicsfeed.com/markets/tbills/malawi/2021-01-12
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