Malawi Treasury bills · auction of 15 February 2022
Malawi T-bill auction, 15 February 2022: 364-day at 15.00%, unchanged
At the Treasury bill auction dated 15 February 2022, 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 15.00% (unchanged). The rate shown is the average yield of allotted bids.
Bids totalled MWK 7.8bn and MWK 7.8bn was accepted, 100% of what was bid.
At 15.00%, the 364-day rate is the highest in the 50 auctions of the past year.
A year earlier the 364-day bill cleared at 13.80%, so the government is paying 120 basis points more than twelve months ago.
What this means for MWK 1,000,000
Worked from the published rate · information, not advice
MWK 150,000 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 1,150,000 after 12 months: MWK 150,000 in interest before any withholding tax, about MWK 12,500 a month.
That is the same as at the previous auction.
For shorter money: MWK 65,000 on the 182-day bill (6 months), MWK 24,250 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 | 9.700% | 9.700% | — | MWK 907m | MWK 907m |
| 182-day | 13.000% | 13.000% | — | MWK 42m | MWK 42m |
| 364-day | 15.000% | 15.000% | — | MWK 6.80bn | MWK 6.80bn |
Source: Reserve Bank of Malawi result · average yield of allotted bids
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Afronomics (2026). Malawi Treasury bill auction, 15 February 2022, compiled from the Reserve Bank of Malawi. Retrieved 3 October 2026, from https://www.afronomicsfeed.com/markets/tbills/malawi/2022-02-15
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