Mozambique Treasury bills · auction of 14 November 2018
Mozambique T-bill auction, 14 November 2018: 364-day at 14.17%, down 2 bps
At the Treasury bill auction dated 14 November 2018, the Banco de Moçambique cleared the 91-day bill at 14.15% (down 5 basis points), the 182-day bill at 14.12% (down 28 basis points) and the 364-day bill at 14.17% (down 2 basis points). The rate shown is the weighted average subscription rate.
The auction was undersubscribed: bids totalled MZN 1.8bn against MZN 4.5bn on offer, 41% of the amount sought, and MZN 1.2bn was accepted.
At 14.17%, the 364-day rate is the lowest in the 49 auctions of the past year.
A year earlier the 364-day bill cleared at 25.88%, so the government is paying 1171 basis points less than twelve months ago.
What this means for MZN 100,000
Worked from the published rate · information, not advice
MZN 14,170 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 114,170 after 12 months: MZN 14,170 in interest before any withholding tax, about MZN 1,181 a month.
That is MZN 20 less than the same money would have earned at the previous auction.
For shorter money: MZN 7,060 on the 182-day bill (6 months), MZN 3,538 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 | 14.150% | 14.200% | MZN 500m | MZN 385m | MZN 355m |
| 182-day | 14.120% | 14.400% | MZN 1.00bn | MZN 590m | MZN 23m |
| 364-day | 14.170% | 14.190% | MZN 3.00bn | MZN 856m | MZN 856m |
Source: Banco de Moçambique result · weighted average subscription rate
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Afronomics (2026). Mozambique Treasury bill auction, 14 November 2018, compiled from the Banco de Moçambique. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/mozambique/2018-11-14
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