Malawi Treasury bills · auction of 20 September 2022
Malawi T-bill auction, 20 September 2022: 364-day at 18.74%, down 1 bps
At the Treasury bill auction dated 20 September 2022, the Reserve Bank of Malawi cleared the 91-day bill at 11.00% (unchanged), the 182-day bill at 15.50% (up 4 basis points) and the 364-day bill at 18.74% (down 1 basis point). The rate shown is the average yield of allotted bids.
Bids totalled MWK 23.1bn and MWK 16.6bn was accepted, 72% of what was bid.
Over the past year the 364-day rate has ranged from 14.20% to 18.75%.
A year earlier the 364-day bill cleared at 14.20%, so the government is paying 454 basis points more than twelve months ago.
What this means for MWK 1,000,000
Worked from the published rate · information, not advice
MWK 187,399 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 1,187,399 after 12 months: MWK 187,399 in interest before any withholding tax, about MWK 15,617 a month.
That is MWK 56 less than the same money would have earned at the previous auction.
For shorter money: MWK 77,500 on the 182-day bill (6 months), MWK 27,500 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 | 11.000% | 11.000% | — | MWK 18m | MWK 18m |
| 182-day | 15.500% | 15.456% | — | MWK 12.99bn | MWK 12.93bn |
| 364-day | 18.740% | 18.745% | — | MWK 10.11bn | MWK 3.65bn |
Source: Reserve Bank of Malawi result · average yield of allotted bids
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Afronomics (2026). Malawi Treasury bill auction, 20 September 2022, compiled from the Reserve Bank of Malawi. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/malawi/2022-09-20
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