Mozambique Treasury bills · auction of 20 June 2018
Mozambique T-bill auction, 20 June 2018: 364-day at 15.60%, down 27 bps
At the Treasury bill auction dated 20 June 2018, the Banco de Moçambique cleared the 91-day bill at 15.83% (down 17 basis points), the 182-day bill at 15.59% (down 43 basis points) and the 364-day bill at 15.60% (down 27 basis points). The rate shown is the weighted average subscription rate.
The auction was undersubscribed: bids totalled MZN 627m against MZN 3.6bn on offer, 17% of the amount sought, and MZN 527m was accepted.
At 15.60%, the 364-day rate is the lowest in the 49 auctions of the past year.
A year earlier the 364-day bill cleared at 27.44%, so the government is paying 1184 basis points less than twelve months ago.
What this means for MZN 100,000
Worked from the published rate · information, not advice
MZN 15,600 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 115,600 after 12 months: MZN 15,600 in interest before any withholding tax, about MZN 1,300 a month.
That is MZN 270 less than the same money would have earned at the previous auction.
For shorter money: MZN 7,795 on the 182-day bill (6 months), MZN 3,958 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 | 15.830% | 16.000% | MZN 500m | MZN 10m | MZN 10m |
| 182-day | 15.590% | 16.020% | MZN 1.50bn | MZN 417m | MZN 317m |
| 364-day | 15.600% | 15.870% | MZN 1.60bn | MZN 200m | MZN 200m |
Source: Banco de Moçambique result · weighted average subscription rate
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Afronomics (2026). Mozambique Treasury bill auction, 20 June 2018, compiled from the Banco de Moçambique. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/mozambique/2018-06-20
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