Malawi Treasury bills · auction of 25 May 2021
Malawi T-bill auction, 25 May 2021: 364-day at 13.85%, unchanged
At the Treasury bill auction dated 25 May 2021, the Reserve Bank of Malawi cleared the 91-day bill at 9.90% (down 8 basis points), the 182-day bill at 12.80% (unchanged) and the 364-day bill at 13.85% (unchanged). The rate shown is the average yield of allotted bids.
Bids totalled MWK 3.5bn and MWK 3.0bn was accepted, 85% 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 12.78%, so the government is paying 107 basis points more than twelve months ago.
What this means for MWK 1,000,000
Worked from the published rate · information, not advice
MWK 138,498 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 1,138,498 after 12 months: MWK 138,498 in interest before any withholding tax, about MWK 11,542 a month.
That is MWK 2 less 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 24,750 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 | 9.900% | 9.980% | — | MWK 23m | MWK 21m |
| 182-day | 12.800% | 12.800% | — | MWK 15m | MWK 10m |
| 364-day | 13.850% | 13.850% | — | MWK 3.45bn | MWK 2.95bn |
Source: Reserve Bank of Malawi result · average yield of allotted bids
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Afronomics (2026). Malawi Treasury bill auction, 25 May 2021, compiled from the Reserve Bank of Malawi. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/malawi/2021-05-25
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