Malawi Treasury bills · auction of 17 January 2023
Malawi T-bill auction, 17 January 2023: 364-day at 19.50%, unchanged
At the Treasury bill auction dated 17 January 2023, the Reserve Bank of Malawi cleared the 91-day bill at 13.00% (unchanged), the 182-day bill at 17.50% (unchanged) and the 364-day bill at 19.50% (unchanged). The rate shown is the average yield of allotted bids.
Bids totalled MWK 20.1bn and MWK 19.6bn was accepted, 98% of what was bid.
At 19.50%, the 364-day rate is the highest in the 49 auctions of the past year.
A year earlier the 364-day bill cleared at 14.70%, 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 195,000 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 1,195,000 after 12 months: MWK 195,000 in interest before any withholding tax, about MWK 16,250 a month.
That is the same as at the previous auction.
For shorter money: MWK 87,500 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% | 13.000% | — | MWK 506m | MWK 6m |
| 182-day | 17.500% | 17.500% | — | MWK 19.57bn | MWK 19.57bn |
| 364-day | 19.500% | 19.500% | — | MWK 5m | MWK 5m |
Source: Reserve Bank of Malawi result · average yield of allotted bids
Cite or reuse this data
Free to quote, chart and republish with the credit “Source: Afronomics, compiled from the Reserve Bank of Malawi” and a link to this page.
Afronomics (2026). Malawi Treasury bill auction, 17 January 2023, compiled from the Reserve Bank of Malawi. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/malawi/2023-01-17
Free, every weekday at 7:00
The Afronomics Morning
Africa’s markets before 7am: the currencies that moved overnight, the auction results that landed, what is due today and the headlines that matter. Plus the Weekly every Monday.