Mozambique Treasury bills · auction of 28 February 2018
Mozambique T-bill auction, 28 February 2018: 364-day at 19.00%, down 123 bps
At the Treasury bill auction dated 28 February 2018, the Banco de Moçambique cleared the 182-day bill at 18.75% (down 120 basis points) and the 364-day bill at 19.00% (down 123 basis points). The rate shown is the weighted average subscription rate.
The auction was fully subscribed: bids totalled MZN 2.5bn against MZN 2.0bn on offer, 125% of the amount sought, and MZN 2.0bn was accepted.
At 19.00%, the 364-day rate is the lowest in the 43 auctions of the past year.
A year earlier the 364-day bill cleared at 28.63%, so the government is paying 963 basis points less than twelve months ago.
What this means for MZN 100,000
Worked from the published rate · information, not advice
MZN 19,000 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 119,000 after 12 months: MZN 19,000 in interest before any withholding tax, about MZN 1,583 a month.
That is MZN 1,230 less than the same money would have earned at the previous auction.
For shorter money: MZN 9,375 on the 182-day bill (6 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 |
|---|---|---|---|---|---|
| 182-day | 18.750% | 19.950% | MZN 1.00bn | MZN 1.00bn | MZN 1.00bn |
| 364-day | 19.000% | 20.230% | MZN 1.00bn | MZN 1.50bn | MZN 1.00bn |
Source: Banco de Moçambique result · weighted average subscription rate
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Afronomics (2026). Mozambique Treasury bill auction, 28 February 2018, compiled from the Banco de Moçambique. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/mozambique/2018-02-28
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