Malawi Treasury bills · auction of 5 July 2022
Malawi T-bill auction, 5 July 2022: 364-day at 17.71%, up 12 bps
At the Treasury bill auction dated 5 July 2022, the Reserve Bank of Malawi cleared the 91-day bill at 10.44% (up 69 basis points), the 182-day bill at 15.00% (unchanged) and the 364-day bill at 17.71% (up 12 basis points). The rate shown is the average yield of allotted bids.
Bids totalled MWK 15.7bn and MWK 15.7bn was accepted, 100% of what was bid.
At 17.71%, the 364-day rate is the highest in the 54 auctions of the past year.
A year earlier the 364-day bill cleared at 13.89%, so the government is paying 382 basis points more than twelve months ago.
What this means for MWK 1,000,000
Worked from the published rate · information, not advice
MWK 177,144 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 1,177,144 after 12 months: MWK 177,144 in interest before any withholding tax, about MWK 14,762 a month.
That is MWK 1,182 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 26,110 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 | 10.444% | 9.750% | — | MWK 318m | MWK 318m |
| 182-day | 15.000% | 15.000% | — | MWK 5.00bn | MWK 5.00bn |
| 364-day | 17.714% | 17.596% | — | MWK 10.33bn | MWK 10.33bn |
Source: Reserve Bank of Malawi result · average yield of allotted bids
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Afronomics (2026). Malawi Treasury bill auction, 5 July 2022, compiled from the Reserve Bank of Malawi. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/malawi/2022-07-05
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