Malawi Treasury bills · auction of 6 February 2024
Malawi T-bill auction, 6 February 2024: 364-day at 26.00%, up 200 bps
At the Treasury bill auction dated 6 February 2024, the Reserve Bank of Malawi cleared the 91-day bill at 14.80% (up 10 basis points), the 182-day bill at 19.88% (up 188 basis points) and the 364-day bill at 26.00% (up 200 basis points). The rate shown is the average yield of allotted bids.
Bids totalled MWK 48.9bn and MWK 43.1bn was accepted, 88% of what was bid.
At 26.00%, the 364-day rate is the highest in the 49 auctions of the past year.
A year earlier the 364-day bill cleared at 19.50%, so the government is paying 650 basis points more than twelve months ago.
What this means for MWK 1,000,000
Worked from the published rate · information, not advice
MWK 259,994 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 1,259,994 after 12 months: MWK 259,994 in interest before any withholding tax, about MWK 21,666 a month.
That is MWK 19,994 more than the same money would have earned at the previous auction.
For shorter money: MWK 99,376 on the 182-day bill (6 months), MWK 37,012 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 | 14.805% | 14.700% | — | MWK 569m | MWK 569m |
| 182-day | 19.875% | 18.000% | — | MWK 5.93bn | MWK 50m |
| 364-day | 25.999% | 24.000% | — | MWK 42.45bn | MWK 42.45bn |
Source: Reserve Bank of Malawi result · average yield of allotted bids
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Afronomics (2026). Malawi Treasury bill auction, 6 February 2024, compiled from the Reserve Bank of Malawi. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/malawi/2024-02-06
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