Malawi Treasury bills · auction of 14 September 2021
Malawi T-bill auction, 14 September 2021: 364-day at 14.20%, unchanged
At the Treasury bill auction dated 14 September 2021, the Reserve Bank of Malawi cleared the 91-day bill at 9.57% (down 2 basis points), the 182-day bill at 12.96% (down 2 basis points) and the 364-day bill at 14.20% (unchanged). The rate shown is the average yield of allotted bids.
Bids totalled MWK 4.0bn and MWK 4.0bn was accepted, 100% of what was bid.
Over the past year the 364-day rate has ranged from 12.75% to 14.20%.
A year earlier the 364-day bill cleared at 13.72%, so the government is paying 48 basis points more than twelve months ago.
What this means for MWK 1,000,000
Worked from the published rate · information, not advice
MWK 141,999 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 1,141,999 after 12 months: MWK 141,999 in interest before any withholding tax, about MWK 11,833 a month.
That is MWK 1 less than the same money would have earned at the previous auction.
For shorter money: MWK 64,788 on the 182-day bill (6 months), MWK 23,919 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 | 9.568% | 9.590% | — | MWK 163m | MWK 163m |
| 182-day | 12.957% | 12.980% | — | MWK 57m | MWK 57m |
| 364-day | 14.200% | 14.200% | — | MWK 3.76bn | MWK 3.76bn |
Source: Reserve Bank of Malawi result · average yield of allotted bids
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Afronomics (2026). Malawi Treasury bill auction, 14 September 2021, compiled from the Reserve Bank of Malawi. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/malawi/2021-09-14
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