Mozambique Treasury bills · auction of 23 May 2018
Mozambique T-bill auction, 23 May 2018: 364-day at 15.90%, up 3 bps
At the Treasury bill auction dated 23 May 2018, the Banco de Moçambique cleared the 91-day bill at 16.01% (down 1 basis point), the 182-day bill at 16.04% (unchanged) and the 364-day bill at 15.90% (up 3 basis points). The rate shown is the weighted average subscription rate.
The auction was undersubscribed: bids totalled MZN 315m against MZN 2.5bn on offer, 13% of the amount sought, and MZN 315m was accepted.
Over the past year the 364-day rate has ranged from 15.85% to 27.60%.
A year earlier the 364-day bill cleared at 27.82%, so the government is paying 1192 basis points less than twelve months ago.
What this means for MZN 100,000
Worked from the published rate · information, not advice
MZN 15,900 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 115,900 after 12 months: MZN 15,900 in interest before any withholding tax, about MZN 1,325 a month.
That is MZN 30 more than the same money would have earned at the previous auction.
For shorter money: MZN 8,020 on the 182-day bill (6 months), MZN 4,003 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 | 16.010% | 16.020% | MZN 500m | MZN 55m | MZN 55m |
| 182-day | 16.040% | 16.040% | MZN 1.00bn | MZN 50m | MZN 50m |
| 364-day | 15.900% | 15.870% | MZN 1.00bn | MZN 210m | MZN 210m |
Source: Banco de Moçambique result · weighted average subscription rate
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Afronomics (2026). Mozambique Treasury bill auction, 23 May 2018, compiled from the Banco de Moçambique. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/mozambique/2018-05-23
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