Malawi Treasury bills · auction of 8 November 2022
Malawi T-bill auction, 8 November 2022: 364-day at 19.00%, up 25 bps
At the Treasury bill auction dated 8 November 2022, the Reserve Bank of Malawi cleared the 91-day bill at 12.95% (down 5 basis points), the 182-day bill at 17.49% (up 149 basis points) and the 364-day bill at 19.00% (up 25 basis points). The rate shown is the average yield of allotted bids.
Bids totalled MWK 8.5bn and MWK 4.4bn was accepted, 52% of what was bid.
At 19.00%, 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 480 basis points more than twelve months ago.
What this means for MWK 1,000,000
Worked from the published rate · information, not advice
MWK 190,000 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 1,190,000 after 12 months: MWK 190,000 in interest before any withholding tax, about MWK 15,833 a month.
That is MWK 2,500 more than the same money would have earned at the previous auction.
For shorter money: MWK 87,474 on the 182-day bill (6 months), MWK 32,370 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 | 12.948% | 13.000% | — | MWK 897m | MWK 897m |
| 182-day | 17.495% | 16.000% | — | MWK 1.60bn | MWK 1.60bn |
| 364-day | 19.000% | 18.750% | — | MWK 6.02bn | MWK 1.90bn |
Source: Reserve Bank of Malawi result · average yield of allotted bids
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Afronomics (2026). Malawi Treasury bill auction, 8 November 2022, compiled from the Reserve Bank of Malawi. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/malawi/2022-11-08
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