Mozambique Treasury bills · auction of 12 September 2018
Mozambique T-bill auction, 12 September 2018: 364-day at 14.95%, down 22 bps
At the Treasury bill auction dated 12 September 2018, the Banco de Moçambique cleared the 91-day bill at 14.86% (down 75 basis points), the 182-day bill at 14.78% (down 75 basis points) and the 364-day bill at 14.95% (down 22 basis points). The rate shown is the weighted average subscription rate.
Demand was strong: bids totalled MZN 5.5bn against MZN 3.0bn on offer, 184% of the amount sought, and MZN 2.4bn was accepted.
At 14.95%, the 364-day rate is the lowest in the 49 auctions of the past year.
A year earlier the 364-day bill cleared at 26.71%, so the government is paying 1176 basis points less than twelve months ago.
What this means for MZN 100,000
Worked from the published rate · information, not advice
MZN 14,950 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 114,950 after 12 months: MZN 14,950 in interest before any withholding tax, about MZN 1,246 a month.
That is MZN 220 less than the same money would have earned at the previous auction.
For shorter money: MZN 7,390 on the 182-day bill (6 months), MZN 3,715 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 | 14.860% | 15.610% | MZN 500m | MZN 121m | MZN 80m |
| 182-day | 14.780% | 15.530% | MZN 500m | MZN 313m | MZN 300m |
| 364-day | 14.950% | 15.170% | MZN 2.00bn | MZN 5.08bn | MZN 2.00bn |
Source: Banco de Moçambique result · weighted average subscription rate
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Afronomics (2026). Mozambique Treasury bill auction, 12 September 2018, compiled from the Banco de Moçambique. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/mozambique/2018-09-12
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