Malawi Treasury bills · auction of 17 February 2026
Malawi T-bill auction, 17 February 2026: 91-day at 12.00%, unchanged
At the Treasury bill auction dated 17 February 2026, the Reserve Bank of Malawi cleared the 91-day bill at 12.00% (unchanged) and the 182-day bill at 16.00% (down 400 basis points). The rate shown is the average yield of allotted bids.
Bids totalled MWK 41.1bn and MWK 30.1bn was accepted, 73% of what was bid.
At 12.00%, the 91-day rate is the lowest in the 42 auctions of the past year.
A year earlier the 91-day bill cleared at 16.00%, so the government is paying 400 basis points less than twelve months ago.
What this means for MWK 1,000,000
Worked from the published rate · information, not advice
MWK 80,000 in 6 months on the 182-day bill
Put MWK 1,000,000 into the 182-day bill at this auction and you get back MWK 1,080,000 after 6 months: MWK 80,000 in interest before any withholding tax, about MWK 13,333 a month.
That is MWK 20,000 less than the same money would have earned at the previous auction.
For shorter money: MWK 30,000 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 | 12.000% | 12.000% | — | MWK 15.07bn | MWK 15.07bn |
| 182-day | 16.000% | 20.000% | — | MWK 26.00bn | MWK 15.00bn |
Source: Reserve Bank of Malawi result · average yield of allotted bids
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Afronomics (2026). Malawi Treasury bill auction, 17 February 2026, compiled from the Reserve Bank of Malawi. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/malawi/2026-02-17
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