Malawi Treasury bills · auction of 18 August 2026
Malawi T-bill auction, 18 August 2026: 364-day at 16.00%, unchanged
At the Treasury bill auction dated 18 August 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 16.00% (unchanged). The rate shown is the average yield of allotted bids.
Bids totalled MWK 72.0bn and MWK 67.9bn was accepted, 94% of what was bid.
At 16.00%, the 364-day rate is the lowest in the 38 auctions of the past year.
A year earlier the 364-day bill cleared at 26.00%, so the government is paying 1000 basis points less than twelve months ago.
What this means for MWK 1,000,000
Worked from the published rate · information, not advice
MWK 160,000 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 1,160,000 after 12 months: MWK 160,000 in interest before any withholding tax, about MWK 13,333 a month.
That is the same as 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 174m | MWK 174m |
| 182-day | 15.000% | 15.000% | — | MWK 60.60bn | MWK 56.50bn |
| 364-day | 16.000% | 16.000% | — | MWK 11.18bn | MWK 11.18bn |
Source: Reserve Bank of Malawi result · average yield of allotted bids
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Afronomics (2026). Malawi Treasury bill auction, 18 August 2026, compiled from the Reserve Bank of Malawi. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/malawi/2026-08-18
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