Malawi Treasury bills · auction of 5 September 2023
Malawi T-bill auction, 5 September 2023: 364-day at 24.00%, unchanged
At the Treasury bill auction dated 5 September 2023, the Reserve Bank of Malawi cleared the 91-day bill at 14.70% (unchanged), the 182-day bill at 18.00% (unchanged) and the 364-day bill at 24.00% (unchanged). The rate shown is the average yield of allotted bids.
Bids totalled MWK 2.2bn and MWK 2.2bn was accepted, 100% of what was bid.
Over the past year the 364-day rate has ranged from 18.74% to 24.00%.
A year earlier the 364-day bill cleared at 18.33%, so the government is paying 567 basis points more than twelve months ago.
What this means for MWK 1,000,000
Worked from the published rate · information, not advice
MWK 239,998 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 1,239,998 after 12 months: MWK 239,998 in interest before any withholding tax, about MWK 20,000 a month.
That is MWK 2 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 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% | 14.700% | — | MWK 51m | MWK 50m |
| 182-day | 18.000% | 18.000% | — | MWK 11m | MWK 11m |
| 364-day | 24.000% | 24.000% | — | MWK 2.16bn | MWK 2.16bn |
Source: Reserve Bank of Malawi result · average yield of allotted bids
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Afronomics (2026). Malawi Treasury bill auction, 5 September 2023, compiled from the Reserve Bank of Malawi. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/malawi/2023-09-05
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