Malawi Treasury bills · auction of 7 March 2023
Malawi T-bill auction, 7 March 2023: 364-day at 19.50%, unchanged
At the Treasury bill auction dated 7 March 2023, the Reserve Bank of Malawi cleared the 91-day bill at 13.00% (unchanged) and the 364-day bill at 19.50% (unchanged). The rate shown is the average yield of allotted bids.
Bids totalled MWK 18.6bn and MWK 18.1bn was accepted, 97% 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 15.00%, so the government is paying 450 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 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 613m | MWK 113m |
| 364-day | 19.500% | 19.500% | — | MWK 18.00bn | MWK 18.00bn |
Source: Reserve Bank of Malawi result · average yield of allotted bids
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Afronomics (2026). Malawi Treasury bill auction, 7 March 2023, compiled from the Reserve Bank of Malawi. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/malawi/2023-03-07
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