Malawi Treasury bills · auction of 21 June 2022
Malawi T-bill auction, 21 June 2022: 364-day at 17.51%, up 1 bps
At the Treasury bill auction dated 21 June 2022, the Reserve Bank of Malawi cleared the 91-day bill at 9.75% (unchanged), the 182-day bill at 15.00% (unchanged) and the 364-day bill at 17.51% (up 1 basis point). The rate shown is the average yield of allotted bids.
Bids totalled MWK 7.8bn and MWK 6.8bn was accepted, 87% of what was bid.
At 17.51%, the 364-day rate is the highest in the 53 auctions of the past year.
A year earlier the 364-day bill cleared at 13.86%, so the government is paying 365 basis points more than twelve months ago.
What this means for MWK 1,000,000
Worked from the published rate · information, not advice
MWK 175,147 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 1,175,147 after 12 months: MWK 175,147 in interest before any withholding tax, about MWK 14,596 a month.
That is MWK 147 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 2m | MWK 2m |
| 182-day | 15.000% | 15.000% | — | MWK 10m | MWK 10m |
| 364-day | 17.515% | 17.500% | — | MWK 7.79bn | MWK 6.79bn |
Source: Reserve Bank of Malawi result · average yield of allotted bids
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Afronomics (2026). Malawi Treasury bill auction, 21 June 2022, compiled from the Reserve Bank of Malawi. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/malawi/2022-06-21
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