Mozambique Treasury bills · auction of 4 July 2018
Mozambique T-bill auction, 4 July 2018: 364-day at 15.54%, down 5 bps
At the Treasury bill auction dated 4 July 2018, the Banco de Moçambique cleared the 91-day bill at 15.75% (down 5 basis points), the 182-day bill at 15.58% (down 1 basis point) and the 364-day bill at 15.54% (down 5 basis points). The rate shown is the weighted average subscription rate.
The auction was undersubscribed: bids totalled MZN 1.9bn against MZN 2.0bn on offer, 94% of the amount sought, and MZN 1.7bn was accepted.
At 15.54%, the 364-day rate is the lowest in the 50 auctions of the past year.
A year earlier the 364-day bill cleared at 27.51%, so the government is paying 1197 basis points less than twelve months ago.
What this means for MZN 100,000
Worked from the published rate · information, not advice
MZN 15,540 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 115,540 after 12 months: MZN 15,540 in interest before any withholding tax, about MZN 1,295 a month.
That is MZN 50 less than the same money would have earned at the previous auction.
For shorter money: MZN 7,790 on the 182-day bill (6 months), MZN 3,938 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 | 15.750% | 15.800% | MZN 500m | MZN 640m | MZN 500m |
| 182-day | 15.580% | 15.590% | MZN 500m | MZN 235m | MZN 235m |
| 364-day | 15.540% | 15.590% | MZN 1.00bn | MZN 1.01bn | MZN 1.00bn |
Source: Banco de Moçambique result · weighted average subscription rate
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Afronomics (2026). Mozambique Treasury bill auction, 4 July 2018, compiled from the Banco de Moçambique. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/mozambique/2018-07-04
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