Mozambique Treasury bills · auction of 28 March 2018
Mozambique T-bill auction, 28 March 2018: 364-day at 16.61%, down 27 bps
At the Treasury bill auction dated 28 March 2018, the Banco de Moçambique cleared the 91-day bill at 16.74% (down 41 basis points), the 182-day bill at 16.54% (down 56 basis points) and the 364-day bill at 16.61% (down 27 basis points). The rate shown is the weighted average subscription rate.
The auction was undersubscribed: bids totalled MZN 2.9bn against MZN 3.5bn on offer, 83% of the amount sought, and MZN 2.6bn was accepted.
At 16.61%, the 364-day rate is the lowest in the 46 auctions of the past year.
A year earlier the 364-day bill cleared at 29.74%, so the government is paying 1313 basis points less than twelve months ago.
What this means for MZN 100,000
Worked from the published rate · information, not advice
MZN 16,610 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 116,610 after 12 months: MZN 16,610 in interest before any withholding tax, about MZN 1,384 a month.
That is MZN 270 less than the same money would have earned at the previous auction.
For shorter money: MZN 8,270 on the 182-day bill (6 months), MZN 4,185 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 | 16.740% | 17.150% | MZN 750m | MZN 445m | MZN 445m |
| 182-day | 16.540% | 17.100% | MZN 1.25bn | MZN 693m | MZN 693m |
| 364-day | 16.610% | 16.880% | MZN 1.50bn | MZN 1.77bn | MZN 1.50bn |
Source: Banco de Moçambique result · weighted average subscription rate
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Afronomics (2026). Mozambique Treasury bill auction, 28 March 2018, compiled from the Banco de Moçambique. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/mozambique/2018-03-28
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