Malawi Treasury bills · auction of 7 July 2021
Malawi T-bill auction, 7 July 2021: 364-day at 13.89%, unchanged
At the Treasury bill auction dated 7 July 2021, the Reserve Bank of Malawi cleared the 91-day bill at 9.20% (down 13 basis points), the 182-day bill at 12.97% (up 12 basis points) and the 364-day bill at 13.89% (unchanged). The rate shown is the average yield of allotted bids.
Bids totalled MWK 2.1bn and MWK 2.1bn 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 13.51%, so the government is paying 39 basis points more than twelve months ago.
What this means for MWK 1,000,000
Worked from the published rate · information, not advice
MWK 138,926 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 1,138,926 after 12 months: MWK 138,926 in interest before any withholding tax, about MWK 11,577 a month.
That is MWK 12 less than the same money would have earned at the previous auction.
For shorter money: MWK 64,855 on the 182-day bill (6 months), MWK 23,000 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 | 9.200% | 9.330% | — | MWK 627m | MWK 627m |
| 182-day | 12.971% | 12.850% | — | MWK 230m | MWK 230m |
| 364-day | 13.893% | 13.894% | — | MWK 1.23bn | MWK 1.23bn |
Source: Reserve Bank of Malawi result · average yield of allotted bids
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Afronomics (2026). Malawi Treasury bill auction, 7 July 2021, compiled from the Reserve Bank of Malawi. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/malawi/2021-07-07
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