Mozambique Treasury bills · auction of 11 July 2018
Mozambique T-bill auction, 11 July 2018: 364-day at 15.53%, down 1 bps
At the Treasury bill auction dated 11 July 2018, the Banco de Moçambique cleared the 91-day bill at 15.72% (down 3 basis points), the 182-day bill at 15.57% (down 1 basis point) and the 364-day bill at 15.53% (down 1 basis point). The rate shown is the weighted average subscription rate.
The auction was undersubscribed: bids totalled MZN 2.5bn against MZN 2.5bn on offer, 99% of the amount sought, and MZN 928m was accepted.
At 15.53%, the 364-day rate is the lowest in the 50 auctions of the past year.
A year earlier the 364-day bill cleared at 27.49%, so the government is paying 1196 basis points less than twelve months ago.
What this means for MZN 100,000
Worked from the published rate · information, not advice
MZN 15,530 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 115,530 after 12 months: MZN 15,530 in interest before any withholding tax, about MZN 1,294 a month.
That is MZN 10 less than the same money would have earned at the previous auction.
For shorter money: MZN 7,785 on the 182-day bill (6 months), MZN 3,930 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 | 15.720% | 15.750% | MZN 500m | MZN 483m | MZN 438m |
| 182-day | 15.570% | 15.580% | MZN 500m | MZN 250m | MZN 250m |
| 364-day | 15.530% | 15.540% | MZN 1.50bn | MZN 1.74bn | MZN 240m |
Source: Banco de Moçambique result · weighted average subscription rate
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Afronomics (2026). Mozambique Treasury bill auction, 11 July 2018, compiled from the Banco de Moçambique. Retrieved 3 October 2026, from https://www.afronomicsfeed.com/markets/tbills/mozambique/2018-07-11
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