Malawi Treasury bills · auction of 13 April 2021
Malawi T-bill auction, 13 April 2021: 364-day at 13.80%, unchanged
At the Treasury bill auction dated 13 April 2021, the Reserve Bank of Malawi cleared the 91-day bill at 9.99% (up 4 basis points), the 182-day bill at 12.70% (down 10 basis points) and the 364-day bill at 13.80% (unchanged). The rate shown is the average yield of allotted bids.
Bids totalled MWK 3.1bn and MWK 3.1bn was accepted, 100% of what was bid.
Over the past year the 364-day rate has ranged from 12.26% to 13.94%.
A year earlier the 364-day bill cleared at 12.48%, so the government is paying 132 basis points more than twelve months ago.
What this means for MWK 1,000,000
Worked from the published rate · information, not advice
MWK 137,997 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 1,137,997 after 12 months: MWK 137,997 in interest before any withholding tax, about MWK 11,500 a month.
That is MWK 3 less than the same money would have earned at the previous auction.
For shorter money: MWK 63,483 on the 182-day bill (6 months), MWK 24,971 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 | 9.989% | 9.950% | — | MWK 74m | MWK 74m |
| 182-day | 12.697% | 12.800% | — | MWK 29m | MWK 27m |
| 364-day | 13.800% | 13.800% | — | MWK 3.00bn | MWK 3.00bn |
Source: Reserve Bank of Malawi result · average yield of allotted bids
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Afronomics (2026). Malawi Treasury bill auction, 13 April 2021, compiled from the Reserve Bank of Malawi. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/malawi/2021-04-13
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