Mozambique Treasury bills · auction of 19 September 2018
Mozambique T-bill auction, 19 September 2018: 364-day at 14.80%, down 15 bps
At the Treasury bill auction dated 19 September 2018, the Banco de Moçambique cleared the 182-day bill at 14.65% (down 13 basis points) and the 364-day bill at 14.80% (down 15 basis points). The rate shown is the weighted average subscription rate.
The auction was undersubscribed: bids totalled MZN 3.3bn against MZN 4.5bn on offer, 73% of the amount sought, and MZN 1.7bn was accepted.
At 14.80%, the 364-day rate is the lowest in the 49 auctions of the past year.
A year earlier the 364-day bill cleared at 26.64%, 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 14,800 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 114,800 after 12 months: MZN 14,800 in interest before any withholding tax, about MZN 1,233 a month.
That is MZN 150 less than the same money would have earned at the previous auction.
For shorter money: MZN 7,325 on the 182-day bill (6 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 |
|---|---|---|---|---|---|
| 182-day | 14.650% | 14.780% | MZN 1.50bn | MZN 1.02bn | MZN 5m |
| 364-day | 14.800% | 14.950% | MZN 3.00bn | MZN 2.28bn | MZN 1.70bn |
Source: Banco de Moçambique result · weighted average subscription rate
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Afronomics (2026). Mozambique Treasury bill auction, 19 September 2018, compiled from the Banco de Moçambique. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/mozambique/2018-09-19
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