Malawi Treasury bills · auction of 15 November 2022
Malawi T-bill auction, 15 November 2022: 364-day at 18.99%, down 1 bps
At the Treasury bill auction dated 15 November 2022, the Reserve Bank of Malawi cleared the 91-day bill at 13.00% (up 5 basis points), the 182-day bill at 16.10% (down 139 basis points) and the 364-day bill at 18.99% (down 1 basis point). The rate shown is the average yield of allotted bids.
Bids totalled MWK 7.1bn and MWK 4.9bn was accepted, 69% of what was bid.
Over the past year the 364-day rate has ranged from 14.20% to 19.00%.
A year earlier the 364-day bill cleared at 14.20%, so the government is paying 479 basis points more than twelve months ago.
What this means for MWK 1,000,000
Worked from the published rate · information, not advice
MWK 189,884 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 1,189,884 after 12 months: MWK 189,884 in interest before any withholding tax, about MWK 15,824 a month.
That is MWK 116 less than the same money would have earned at the previous auction.
For shorter money: MWK 80,512 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% | 12.948% | — | MWK 362m | MWK 361m |
| 182-day | 16.102% | 17.495% | — | MWK 329m | MWK 329m |
| 364-day | 18.988% | 19.000% | — | MWK 6.45bn | MWK 4.22bn |
Source: Reserve Bank of Malawi result · average yield of allotted bids
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Afronomics (2026). Malawi Treasury bill auction, 15 November 2022, compiled from the Reserve Bank of Malawi. Retrieved 3 October 2026, from https://www.afronomicsfeed.com/markets/tbills/malawi/2022-11-15
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