Malawi Treasury bills · auction of 10 May 2022
Malawi T-bill auction, 10 May 2022: 364-day at 16.31%, up 131 bps
At the Treasury bill auction dated 10 May 2022, the Reserve Bank of Malawi cleared the 91-day bill at 9.75% (up 18 basis points), the 182-day bill at 13.00% (unchanged) and the 364-day bill at 16.31% (up 131 basis points). The rate shown is the average yield of allotted bids.
Bids totalled MWK 2.6bn and MWK 1.6bn was accepted, 62% of what was bid.
At 16.31%, the 364-day rate is the highest in the 52 auctions of the past year.
A year earlier the 364-day bill cleared at 13.79%, so the government is paying 252 basis points more than twelve months ago.
What this means for MWK 1,000,000
Worked from the published rate · information, not advice
MWK 163,125 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 1,163,125 after 12 months: MWK 163,125 in interest before any withholding tax, about MWK 13,594 a month.
That is MWK 13,125 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 24,375 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 | 9.750% | 9.569% | — | MWK 1m | MWK 1m |
| 182-day | 13.000% | 13.000% | — | MWK 3m | MWK 3m |
| 364-day | 16.313% | 15.000% | — | MWK 2.61bn | MWK 1.61bn |
Source: Reserve Bank of Malawi result · average yield of allotted bids
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Afronomics (2026). Malawi Treasury bill auction, 10 May 2022, compiled from the Reserve Bank of Malawi. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/malawi/2022-05-10
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