Malawi Treasury bills · auction of 20 July 2021
Malawi T-bill auction, 20 July 2021: 364-day at 13.90%, unchanged
At the Treasury bill auction dated 20 July 2021, the Reserve Bank of Malawi cleared the 364-day bill at 13.90% (unchanged). The rate shown is the average yield of allotted bids.
Bids totalled MWK 5.0bn and MWK 4.0bn was accepted, 80% 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 13.62%, so the government is paying 28 basis points more than twelve months ago.
What this means for MWK 1,000,000
Worked from the published rate · information, not advice
MWK 139,000 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 1,139,000 after 12 months: MWK 139,000 in interest before any withholding tax, about MWK 11,583 a month.
That is the same as at the previous auction.
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 |
|---|---|---|---|---|---|
| 364-day | 13.900% | 13.900% | — | MWK 5.02bn | MWK 4.02bn |
Source: Reserve Bank of Malawi result · average yield of allotted bids
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Afronomics (2026). Malawi Treasury bill auction, 20 July 2021, compiled from the Reserve Bank of Malawi. Retrieved 3 October 2026, from https://www.afronomicsfeed.com/markets/tbills/malawi/2021-07-20
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