At the Treasury bill auction dated 3 November 2026, the Reserve Bank of Malawi cleared the 91-day bill at 12.00% (unchanged), the 182-day bill at 14.50% (unchanged) and the 364-day bill at 16.00% (unchanged). The rate shown is the average yield of allotted bids.
Bids totalled MWK 32.7bn and MWK 26.5bn was accepted, 81% 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 72,500 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 41m | MWK 41m |
| 182-day | 14.500% | 14.500% | — | MWK 447m | MWK 107m |
| 364-day | 16.000% | 16.000% | — | MWK 32.18bn | MWK 26.33bn |
Source: Reserve Bank of Malawi result · average yield of allotted bids
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Afronomics (2026). Malawi Treasury bill auction, 3 November 2026, compiled from the Reserve Bank of Malawi. Retrieved 4 November 2026, from https://www.afronomicsfeed.com/markets/tbills/malawi/2026-11-03
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