Malawi Treasury bills · auction of 20 January 2026
Malawi T-bill auction, 20 January 2026: 91-day at 15.25%, down 75 bps
At the Treasury bill auction dated 20 January 2026, the Reserve Bank of Malawi cleared the 91-day bill at 15.25% (down 75 basis points). The rate shown is the average yield of allotted bids.
Bids totalled MWK 28.1bn and MWK 12.0bn was accepted, 43% of what was bid.
At 15.25%, the 91-day rate is the lowest in the 44 auctions of the past year.
A year earlier the 91-day bill cleared at 16.00%, so the government is paying 75 basis points less than twelve months ago.
What this means for MWK 1,000,000
Worked from the published rate · information, not advice
MWK 38,125 in 3 months on the 91-day bill
Put MWK 1,000,000 into the 91-day bill at this auction and you get back MWK 1,038,125 after 3 months: MWK 38,125 in interest before any withholding tax, about MWK 12,708 a month.
That is MWK 1,875 less than the same money would have earned at the previous auction.
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 | 15.250% | 16.000% | — | MWK 28.10bn | MWK 12.00bn |
Source: Reserve Bank of Malawi result · average yield of allotted bids
Cite or reuse this data
Free to quote, chart and republish with the credit “Source: Afronomics, compiled from the Reserve Bank of Malawi” and a link to this page.
Afronomics (2026). Malawi Treasury bill auction, 20 January 2026, compiled from the Reserve Bank of Malawi. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/malawi/2026-01-20
Free, every weekday at 7:00
The Afronomics Morning
Africa’s markets before 7am: the currencies that moved overnight, the auction results that landed, what is due today and the headlines that matter. Plus the Weekly every Monday.