Malawi Treasury bills · auction of 24 May 2022
Malawi T-bill auction, 24 May 2022: 364-day at 16.87%, up 21 bps
At the Treasury bill auction dated 24 May 2022, the Reserve Bank of Malawi cleared the 91-day bill at 9.75% (unchanged), the 182-day bill at 15.00% (up 50 basis points) and the 364-day bill at 16.87% (up 21 basis points). The rate shown is the average yield of allotted bids.
Bids totalled MWK 26.3bn and MWK 26.3bn was accepted, 100% of what was bid.
At 16.87%, the 364-day rate is the highest in the 52 auctions of the past year.
A year earlier the 364-day bill cleared at 13.85%, so the government is paying 302 basis points more than twelve months ago.
What this means for MWK 1,000,000
Worked from the published rate · information, not advice
MWK 168,730 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 1,168,730 after 12 months: MWK 168,730 in interest before any withholding tax, about MWK 14,061 a month.
That is MWK 2,149 more than the same money would have earned at the previous auction.
For shorter money: MWK 75,000 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% | 9.750% | — | MWK 21m | MWK 21m |
| 182-day | 15.000% | 14.500% | — | MWK 16.50bn | MWK 16.50bn |
| 364-day | 16.873% | 16.658% | — | MWK 9.74bn | MWK 9.74bn |
Source: Reserve Bank of Malawi result · average yield of allotted bids
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Afronomics (2026). Malawi Treasury bill auction, 24 May 2022, compiled from the Reserve Bank of Malawi. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/malawi/2022-05-24
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