Malawi Treasury bills · auction of 22 April 2026
Malawi T-bill auction, 22 April 2026: 364-day at 16.50%, down 50 bps
At the Treasury bill auction dated 22 April 2026, the Reserve Bank of Malawi cleared the 91-day bill at 12.00% (unchanged), the 182-day bill at 15.00% (unchanged) and the 364-day bill at 16.50% (down 50 basis points). The rate shown is the average yield of allotted bids.
Bids totalled MWK 211.4bn and MWK 79.9bn was accepted, 38% of what was bid.
At 16.50%, the 364-day rate is the lowest in the 39 auctions of the past year.
A year earlier the 364-day bill cleared at 26.00%, so the government is paying 950 basis points less than twelve months ago.
What this means for MWK 1,000,000
Worked from the published rate · information, not advice
MWK 165,000 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 1,165,000 after 12 months: MWK 165,000 in interest before any withholding tax, about MWK 13,750 a month.
That is MWK 5,000 less than the same money would have earned at the previous auction.
For shorter money: MWK 75,000 on the 182-day bill (6 months), 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 31.87bn | MWK 31.87bn |
| 182-day | 15.000% | 15.000% | — | MWK 645m | MWK 645m |
| 364-day | 16.500% | 17.000% | — | MWK 178.84bn | MWK 47.35bn |
Source: Reserve Bank of Malawi result · average yield of allotted bids
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Afronomics (2026). Malawi Treasury bill auction, 22 April 2026, compiled from the Reserve Bank of Malawi. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/malawi/2026-04-22
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