Malawi Treasury bills · auction of 27 September 2022
Malawi T-bill auction, 27 September 2022: 364-day at 18.75%, up 1 bps
At the Treasury bill auction dated 27 September 2022, the Reserve Bank of Malawi cleared the 91-day bill at 11.00% (unchanged), the 182-day bill at 15.50% (unchanged) and the 364-day bill at 18.75% (up 1 basis point). The rate shown is the average yield of allotted bids.
Bids totalled MWK 22.2bn and MWK 18.2bn was accepted, 82% of what was bid.
At 18.75%, the 364-day rate is the highest in the 54 auctions of the past year.
A year earlier the 364-day bill cleared at 14.20%, so the government is paying 455 basis points more than twelve months ago.
What this means for MWK 1,000,000
Worked from the published rate · information, not advice
MWK 187,500 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 1,187,500 after 12 months: MWK 187,500 in interest before any withholding tax, about MWK 15,625 a month.
That is MWK 101 more than the same money would have earned at the previous auction.
For shorter money: MWK 77,499 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 9m | MWK 9m |
| 182-day | 15.500% | 15.500% | — | MWK 8.74bn | MWK 8.74bn |
| 364-day | 18.750% | 18.740% | — | MWK 13.44bn | MWK 9.46bn |
Source: Reserve Bank of Malawi result · average yield of allotted bids
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Afronomics (2026). Malawi Treasury bill auction, 27 September 2022, compiled from the Reserve Bank of Malawi. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/malawi/2022-09-27
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