Malawi Treasury bills · auction of 4 January 2022
Malawi T-bill auction, 4 January 2022: 364-day at 14.65%, up 11 bps
At the Treasury bill auction dated 4 January 2022, the Reserve Bank of Malawi cleared the 182-day bill at 13.00% (unchanged) and the 364-day bill at 14.65% (up 11 basis points). The rate shown is the average yield of allotted bids.
Bids totalled MWK 1.3bn and MWK 1.3bn was accepted, 100% of what was bid.
At 14.65%, 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 110 basis points more than twelve months ago.
What this means for MWK 1,000,000
Worked from the published rate · information, not advice
MWK 146,500 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 1,146,500 after 12 months: MWK 146,500 in interest before any withholding tax, about MWK 12,208 a month.
That is MWK 1,100 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).
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 |
|---|---|---|---|---|---|
| 182-day | 13.000% | 13.000% | — | MWK 277m | MWK 277m |
| 364-day | 14.650% | 14.540% | — | MWK 1.00bn | MWK 1.00bn |
Source: Reserve Bank of Malawi result · average yield of allotted bids
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Afronomics (2026). Malawi Treasury bill auction, 4 January 2022, compiled from the Reserve Bank of Malawi. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/malawi/2022-01-04
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