Mozambique Treasury bills · auction of 31 January 2018
Mozambique T-bill auction, 31 January 2018: 364-day at 20.70%, down 108 bps
At the Treasury bill auction dated 31 January 2018, the Banco de Moçambique cleared the 91-day bill at 20.00% (down 215 basis points) and the 364-day bill at 20.70% (down 108 basis points). The rate shown is the weighted average subscription rate.
The auction was fully subscribed: bids totalled MZN 2.2bn against MZN 2.0bn on offer, 109% of the amount sought, and MZN 1.7bn was accepted.
At 20.70%, the 364-day rate is the lowest in the 42 auctions of the past year.
A year earlier the 364-day bill cleared at 28.84%, so the government is paying 814 basis points less than twelve months ago.
What this means for MZN 100,000
Worked from the published rate · information, not advice
MZN 20,700 in 12 months on the 364-day bill
Put MZN 100,000 into the 364-day bill at this auction and you get back MZN 120,700 after 12 months: MZN 20,700 in interest before any withholding tax, about MZN 1,725 a month.
That is MZN 1,080 less than the same money would have earned at the previous auction.
For shorter money: MZN 5,000 on the 91-day bill (3 months).
The government pays the full amount at maturity; the risk is Mozambique’s government not paying, and the money is locked until then.
Results
By tenor
| Tenor | Rate | Previous | Offered | Bids | Accepted |
|---|---|---|---|---|---|
| 91-day | 20.000% | 22.150% | MZN 500m | MZN 200m | MZN 200m |
| 364-day | 20.700% | 21.780% | MZN 1.50bn | MZN 1.98bn | MZN 1.50bn |
Source: Banco de Moçambique result · weighted average subscription rate
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Afronomics (2026). Mozambique Treasury bill auction, 31 January 2018, compiled from the Banco de Moçambique. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/mozambique/2018-01-31
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