Malawi Treasury bills · auction of 14 December 2021
Malawi T-bill auction, 14 December 2021: 364-day at 14.50%, up 17 bps
At the Treasury bill auction dated 14 December 2021, the Reserve Bank of Malawi cleared the 91-day bill at 9.70% (up 1 basis point) and the 364-day bill at 14.50% (up 17 basis points). The rate shown is the average yield of allotted bids.
Bids totalled MWK 4.9bn and MWK 4.9bn was accepted, 100% of what was bid.
At 14.50%, the 364-day rate is the highest in the 49 auctions of the past year.
A year earlier the 364-day bill cleared at 13.50%, so the government is paying 100 basis points more than twelve months ago.
What this means for MWK 1,000,000
Worked from the published rate · information, not advice
MWK 145,000 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 1,145,000 after 12 months: MWK 145,000 in interest before any withholding tax, about MWK 12,083 a month.
That is MWK 1,691 more than the same money would have earned at the previous auction.
For shorter money: MWK 24,238 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 | 9.695% | 9.689% | — | MWK 265m | MWK 265m |
| 364-day | 14.500% | 14.331% | — | MWK 4.59bn | MWK 4.59bn |
Source: Reserve Bank of Malawi result · average yield of allotted bids
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Afronomics (2026). Malawi Treasury bill auction, 14 December 2021, compiled from the Reserve Bank of Malawi. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/malawi/2021-12-14
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