Mozambique Treasury bills · auction of 9 October 2018
Mozambique T-bill auction, 9 October 2018: 364-day at 14.55%, down 6 bps
At the Treasury bill auction dated 9 October 2018, the Banco de Moçambique cleared the 91-day bill at 14.30% (unchanged), the 182-day bill at 14.51% (down 2 basis points) and the 364-day bill at 14.55% (down 6 basis points). The rate shown is the weighted average subscription rate.
The auction was undersubscribed: bids totalled MZN 4.8bn against MZN 6.5bn on offer, 73% of the amount sought, and MZN 4.3bn was accepted.
At 14.55%, the 364-day rate is the lowest in the 50 auctions of the past year.
A year earlier the 364-day bill cleared at 26.59%, so the government is paying 1204 basis points less than twelve months ago.
What this means for MZN 100,000
Worked from the published rate · information, not advice
MZN 14,550 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 114,550 after 12 months: MZN 14,550 in interest before any withholding tax, about MZN 1,213 a month.
That is MZN 60 less than the same money would have earned at the previous auction.
For shorter money: MZN 7,255 on the 182-day bill (6 months), MZN 3,575 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 | 14.300% | 14.300% | MZN 1.00bn | MZN 595m | MZN 595m |
| 182-day | 14.510% | 14.530% | MZN 1.50bn | MZN 781m | MZN 771m |
| 364-day | 14.550% | 14.610% | MZN 4.00bn | MZN 3.39bn | MZN 2.89bn |
Source: Banco de Moçambique result · weighted average subscription rate
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Afronomics (2026). Mozambique Treasury bill auction, 9 October 2018, compiled from the Banco de Moçambique. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/mozambique/2018-10-09
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