Malawi Treasury bills · auction of 29 December 2021
Malawi T-bill auction, 29 December 2021: 364-day at 14.54%, up 4 bps
At the Treasury bill auction dated 29 December 2021, the Reserve Bank of Malawi cleared the 91-day bill at 9.70% (unchanged), the 182-day bill at 13.00% (unchanged) and the 364-day bill at 14.54% (up 4 basis points). The rate shown is the average yield of allotted bids.
Bids totalled MWK 8.3bn and MWK 8.3bn was accepted, 100% of what was bid.
At 14.54%, the 364-day rate is the highest in the 50 auctions of the past year.
A year earlier the 364-day bill cleared at 13.55%, so the government is paying 99 basis points more than twelve months ago.
What this means for MWK 1,000,000
Worked from the published rate · information, not advice
MWK 145,400 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 1,145,400 after 12 months: MWK 145,400 in interest before any withholding tax, about MWK 12,117 a month.
That is MWK 400 more than the same money would have earned at the previous auction.
For shorter money: MWK 65,000 on the 182-day bill (6 months), MWK 24,245 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 | 9.698% | 9.698% | — | MWK 1m | MWK 1m |
| 182-day | 13.000% | 13.000% | — | MWK 783m | MWK 783m |
| 364-day | 14.540% | 14.500% | — | MWK 7.50bn | MWK 7.50bn |
Source: Reserve Bank of Malawi result · average yield of allotted bids
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Afronomics (2026). Malawi Treasury bill auction, 29 December 2021, compiled from the Reserve Bank of Malawi. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/malawi/2021-12-29
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