Malawi Treasury bills · auction of 1 November 2022
Malawi T-bill auction, 1 November 2022: 364-day at 18.75%, unchanged
At the Treasury bill auction dated 1 November 2022, the Reserve Bank of Malawi cleared the 91-day bill at 13.00% (up 200 basis points), the 182-day bill at 16.00% (up 50 basis points) and the 364-day bill at 18.75% (unchanged). The rate shown is the average yield of allotted bids.
Bids totalled MWK 3.8bn and MWK 714m was accepted, 19% 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 the same as at the previous auction.
For shorter money: MWK 80,000 on the 182-day bill (6 months), MWK 32,500 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 | 13.000% | 11.000% | — | MWK 226m | MWK 226m |
| 182-day | 16.000% | 15.500% | — | MWK 234m | MWK 234m |
| 364-day | 18.750% | 18.750% | — | MWK 3.33bn | MWK 254m |
Source: Reserve Bank of Malawi result · average yield of allotted bids
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Afronomics (2026). Malawi Treasury bill auction, 1 November 2022, compiled from the Reserve Bank of Malawi. Retrieved 3 October 2026, from https://www.afronomicsfeed.com/markets/tbills/malawi/2022-11-01
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