Malawi Treasury bills · auction of 11 May 2021
Malawi T-bill auction, 11 May 2021: 364-day at 13.82%, up 3 bps
At the Treasury bill auction dated 11 May 2021, the Reserve Bank of Malawi cleared the 91-day bill at 9.99% (unchanged), the 182-day bill at 12.80% (unchanged) and the 364-day bill at 13.82% (up 3 basis points). The rate shown is the average yield of allotted bids.
Bids totalled MWK 6.5bn and MWK 6.5bn was accepted, 100% of what was bid.
Over the past year the 364-day rate has ranged from 12.75% to 13.94%.
A year earlier the 364-day bill cleared at 12.69%, so the government is paying 113 basis points more than twelve months ago.
What this means for MWK 1,000,000
Worked from the published rate · information, not advice
MWK 138,200 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 1,138,200 after 12 months: MWK 138,200 in interest before any withholding tax, about MWK 11,517 a month.
That is MWK 270 more than the same money would have earned at the previous auction.
For shorter money: MWK 64,000 on the 182-day bill (6 months), MWK 24,975 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 | 9.990% | 9.990% | — | MWK 13m | MWK 13m |
| 182-day | 12.800% | 12.800% | — | MWK 1.50bn | MWK 1.50bn |
| 364-day | 13.820% | 13.793% | — | MWK 5.00bn | MWK 5.00bn |
Source: Reserve Bank of Malawi result · average yield of allotted bids
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Afronomics (2026). Malawi Treasury bill auction, 11 May 2021, compiled from the Reserve Bank of Malawi. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/malawi/2021-05-11
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