Malawi Treasury bills · auction of 6 June 2023
Malawi T-bill auction, 6 June 2023: 364-day at 22.47%, down 2 bps
At the Treasury bill auction dated 6 June 2023, the Reserve Bank of Malawi cleared the 91-day bill at 13.00% (unchanged), the 182-day bill at 17.99% (up 49 basis points) and the 364-day bill at 22.47% (down 2 basis points). The rate shown is the average yield of allotted bids.
Bids totalled MWK 37.1bn and MWK 18.1bn was accepted, 49% of what was bid.
Over the past year the 364-day rate has ranged from 17.50% to 22.49%.
A year earlier the 364-day bill cleared at 17.03%, so the government is paying 544 basis points more than twelve months ago.
What this means for MWK 1,000,000
Worked from the published rate · information, not advice
MWK 224,723 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 1,224,723 after 12 months: MWK 224,723 in interest before any withholding tax, about MWK 18,727 a month.
That is MWK 220 less than the same money would have earned at the previous auction.
For shorter money: MWK 89,926 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 74m | MWK 33m |
| 182-day | 17.985% | 17.500% | — | MWK 24.46bn | MWK 15.46bn |
| 364-day | 22.472% | 22.494% | — | MWK 12.60bn | MWK 2.60bn |
Source: Reserve Bank of Malawi result · average yield of allotted bids
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Afronomics (2026). Malawi Treasury bill auction, 6 June 2023, compiled from the Reserve Bank of Malawi. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/malawi/2023-06-06
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