Malawi Treasury bills · auction of 28 September 2021
Malawi T-bill auction, 28 September 2021: 364-day at 14.20%, unchanged
At the Treasury bill auction dated 28 September 2021, the Reserve Bank of Malawi cleared the 91-day bill at 9.60% (up 1 basis point), the 182-day bill at 12.98% (unchanged) and the 364-day bill at 14.20% (unchanged). The rate shown is the average yield of allotted bids.
Bids totalled MWK 9.8bn and MWK 9.8bn was accepted, 100% of what was bid.
At 14.20%, the 364-day rate is the highest in the 47 auctions of the past year.
A year earlier the 364-day bill cleared at 13.75%, so the government is paying 45 basis points more than twelve months ago.
What this means for MWK 1,000,000
Worked from the published rate · information, not advice
MWK 142,000 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 1,142,000 after 12 months: MWK 142,000 in interest before any withholding tax, about MWK 11,833 a month.
That is MWK 1 more than the same money would have earned at the previous auction.
For shorter money: MWK 64,920 on the 182-day bill (6 months), MWK 24,000 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 | 9.600% | 9.590% | — | MWK 2.05bn | MWK 2.05bn |
| 182-day | 12.984% | 12.982% | — | MWK 26m | MWK 26m |
| 364-day | 14.200% | 14.200% | — | MWK 7.75bn | MWK 7.75bn |
Source: Reserve Bank of Malawi result · average yield of allotted bids
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Afronomics (2026). Malawi Treasury bill auction, 28 September 2021, compiled from the Reserve Bank of Malawi. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/malawi/2021-09-28
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