Malawi Treasury bills · auction of 30 May 2023
Malawi T-bill auction, 30 May 2023: 364-day at 22.49%, up 299 bps
At the Treasury bill auction dated 30 May 2023, the Reserve Bank of Malawi cleared the 91-day bill at 13.00% (up 2 basis points), the 182-day bill at 17.50% (unchanged) and the 364-day bill at 22.49% (up 299 basis points). The rate shown is the average yield of allotted bids.
Bids totalled MWK 25.1bn and MWK 16.1bn was accepted, 64% of what was bid.
At 22.49%, the 364-day rate is the highest in the 47 auctions of the past year.
A year earlier the 364-day bill cleared at 16.87%, so the government is paying 562 basis points more than twelve months ago.
What this means for MWK 1,000,000
Worked from the published rate · information, not advice
MWK 224,943 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 1,224,943 after 12 months: MWK 224,943 in interest before any withholding tax, about MWK 18,745 a month.
That is MWK 29,943 more than the same money would have earned 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% | 12.979% | — | MWK 64m | MWK 64m |
| 182-day | 17.500% | 17.500% | — | MWK 15.00bn | MWK 6.00bn |
| 364-day | 22.494% | 19.500% | — | MWK 10.05bn | MWK 10.03bn |
Source: Reserve Bank of Malawi result · average yield of allotted bids
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Afronomics (2026). Malawi Treasury bill auction, 30 May 2023, compiled from the Reserve Bank of Malawi. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/malawi/2023-05-30
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