Mozambique Treasury bills · auction of 24 October 2018
Mozambique T-bill auction, 24 October 2018: 364-day at 14.34%, down 9 bps
At the Treasury bill auction dated 24 October 2018, the Banco de Moçambique cleared the 91-day bill at 14.24% (down 6 basis points), the 182-day bill at 14.47% (down 4 basis points) and the 364-day bill at 14.34% (down 9 basis points). The rate shown is the weighted average subscription rate.
The auction was undersubscribed: bids totalled MZN 2.2bn against MZN 4.5bn on offer, 50% of the amount sought, and MZN 2.2bn was accepted.
At 14.34%, 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 1213 basis points less than twelve months ago.
What this means for MZN 100,000
Worked from the published rate · information, not advice
MZN 14,340 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 114,340 after 12 months: MZN 14,340 in interest before any withholding tax, about MZN 1,195 a month.
That is MZN 90 less than the same money would have earned at the previous auction.
For shorter money: MZN 7,235 on the 182-day bill (6 months), MZN 3,560 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 | 14.240% | 14.300% | MZN 1.00bn | MZN 415m | MZN 415m |
| 182-day | 14.470% | 14.510% | MZN 1.50bn | MZN 700m | MZN 700m |
| 364-day | 14.340% | 14.430% | MZN 2.00bn | MZN 1.12bn | MZN 1.12bn |
Source: Banco de Moçambique result · weighted average subscription rate
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Afronomics (2026). Mozambique Treasury bill auction, 24 October 2018, compiled from the Banco de Moçambique. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/mozambique/2018-10-24
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