Malawi Treasury bills · auction of 15 August 2023
Malawi T-bill auction, 15 August 2023: 364-day at 24.00%, unchanged
At the Treasury bill auction dated 15 August 2023, the Reserve Bank of Malawi cleared the 182-day bill at 18.98% (up 98 basis points) and the 364-day bill at 24.00% (unchanged). The rate shown is the average yield of allotted bids.
Bids totalled MWK 8.2bn and MWK 8.2bn was accepted, 100% of what was bid.
At 24.00%, the 364-day rate is the highest in the 44 auctions of the past year.
A year earlier the 364-day bill cleared at 18.00%, so the government is paying 600 basis points more than twelve months ago.
What this means for MWK 1,000,000
Worked from the published rate · information, not advice
MWK 240,000 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 1,240,000 after 12 months: MWK 240,000 in interest before any withholding tax, about MWK 20,000 a month.
That is the same as at the previous auction.
For shorter money: MWK 94,904 on the 182-day bill (6 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 |
|---|---|---|---|---|---|
| 182-day | 18.981% | 18.000% | — | MWK 6.12bn | MWK 6.12bn |
| 364-day | 24.000% | 24.000% | — | MWK 2.10bn | MWK 2.10bn |
Source: Reserve Bank of Malawi result · average yield of allotted bids
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Afronomics (2026). Malawi Treasury bill auction, 15 August 2023, compiled from the Reserve Bank of Malawi. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/malawi/2023-08-15
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