Malawi Treasury bills · auction of 13 June 2023
Malawi T-bill auction, 13 June 2023: 364-day at 22.46%, down 1 bps
At the Treasury bill auction dated 13 June 2023, the Reserve Bank of Malawi cleared the 91-day bill at 13.00% (unchanged), the 182-day bill at 18.00% (up 1 basis point) and the 364-day bill at 22.46% (down 1 basis point). The rate shown is the average yield of allotted bids.
Bids totalled MWK 19.4bn and MWK 19.4bn was accepted, 100% of what was bid.
Over the past year the 364-day rate has ranged from 17.51% to 22.49%.
A year earlier the 364-day bill cleared at 17.50%, so the government is paying 496 basis points more than twelve months ago.
What this means for MWK 1,000,000
Worked from the published rate · information, not advice
MWK 224,625 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 1,224,625 after 12 months: MWK 224,625 in interest before any withholding tax, about MWK 18,719 a month.
That is MWK 98 less than the same money would have earned at the previous auction.
For shorter money: MWK 90,000 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 52m | MWK 52m |
| 182-day | 18.000% | 17.985% | — | MWK 19.29bn | MWK 19.29bn |
| 364-day | 22.462% | 22.472% | — | MWK 80m | MWK 80m |
Source: Reserve Bank of Malawi result · average yield of allotted bids
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Afronomics (2026). Malawi Treasury bill auction, 13 June 2023, compiled from the Reserve Bank of Malawi. Retrieved 3 October 2026, from https://www.afronomicsfeed.com/markets/tbills/malawi/2023-06-13
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