Mozambique Treasury bills · auction of 17 October 2018
Mozambique T-bill auction, 17 October 2018: 364-day at 14.43%, down 12 bps
At the Treasury bill auction dated 17 October 2018, the Banco de Moçambique cleared the 91-day bill at 14.30% (unchanged) and the 364-day bill at 14.43% (down 12 basis points). The rate shown is the weighted average subscription rate.
The auction was undersubscribed: bids totalled MZN 1.3bn against MZN 3.0bn on offer, 44% of the amount sought, and MZN 1.3bn was accepted.
At 14.43%, the 364-day rate is the lowest in the 49 auctions of the past year.
A year earlier the 364-day bill cleared at 26.47%, 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 14,430 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 114,430 after 12 months: MZN 14,430 in interest before any withholding tax, about MZN 1,202 a month.
That is MZN 120 less than the same money would have earned at the previous auction.
For shorter money: 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 55m | MZN 45m |
| 364-day | 14.430% | 14.550% | MZN 2.00bn | MZN 1.25bn | MZN 1.25bn |
Source: Banco de Moçambique result · weighted average subscription rate
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Afronomics (2026). Mozambique Treasury bill auction, 17 October 2018, compiled from the Banco de Moçambique. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/mozambique/2018-10-17
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