Malawi Treasury bills · auction of 1 August 2023
Malawi T-bill auction, 1 August 2023: 91-day at 14.70%, up 170 bps
At the Treasury bill auction dated 1 August 2023, the Reserve Bank of Malawi cleared the 91-day bill at 14.70% (up 170 basis points) and the 182-day bill at 18.00% (unchanged). The rate shown is the average yield of allotted bids.
Bids totalled MWK 190m and MWK 139m was accepted, 73% of what was bid.
At 14.70%, the 91-day rate is the highest in the 37 auctions of the past year.
A year earlier the 91-day bill cleared at 10.00%, so the government is paying 470 basis points more than twelve months ago.
What this means for MWK 1,000,000
Worked from the published rate · information, not advice
MWK 90,000 in 6 months on the 182-day bill
Put MWK 1,000,000 into the 182-day bill at this auction and you get back MWK 1,090,000 after 6 months: MWK 90,000 in interest before any withholding tax, about MWK 15,000 a month.
That is the same as at the previous auction.
For shorter money: MWK 36,750 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 | 14.700% | 13.000% | — | MWK 134m | MWK 134m |
| 182-day | 18.000% | 18.000% | — | MWK 56m | MWK 5m |
Source: Reserve Bank of Malawi result · average yield of allotted bids
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Afronomics (2026). Malawi Treasury bill auction, 1 August 2023, compiled from the Reserve Bank of Malawi. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/malawi/2023-08-01
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