Malawi Treasury bills · auction of 19 March 2024
Malawi T-bill auction, 19 March 2024: 364-day at 26.00%, unchanged
At the Treasury bill auction dated 19 March 2024, the Reserve Bank of Malawi cleared the 91-day bill at 16.00% (unchanged) and the 364-day bill at 26.00% (unchanged). The rate shown is the average yield of allotted bids.
Bids totalled MWK 10.6bn and MWK 10.6bn was accepted, 100% of what was bid.
Over the past year the 364-day rate has ranged from 19.50% to 26.00%.
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 259,996 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 1,259,996 after 12 months: MWK 259,996 in interest before any withholding tax, about MWK 21,666 a month.
That is MWK 4 less than the same money would have earned at the previous auction.
For shorter money: MWK 40,000 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 | 16.000% | 16.000% | — | MWK 57m | MWK 57m |
| 364-day | 26.000% | 26.000% | — | MWK 10.52bn | MWK 10.52bn |
Source: Reserve Bank of Malawi result · average yield of allotted bids
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Afronomics (2026). Malawi Treasury bill auction, 19 March 2024, compiled from the Reserve Bank of Malawi. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/malawi/2024-03-19
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