Mozambique Treasury bills · auction of 28 November 2018
Mozambique T-bill auction, 28 November 2018: 364-day at 14.10%, down 7 bps
At the Treasury bill auction dated 28 November 2018, the Banco de Moçambique cleared the 91-day bill at 14.11% (down 3 basis points) and the 364-day bill at 14.10% (down 7 basis points). The rate shown is the weighted average subscription rate.
The auction was undersubscribed: bids totalled MZN 2.5bn against MZN 3.5bn on offer, 71% of the amount sought, and MZN 2.5bn was accepted.
At 14.10%, the 364-day rate is the lowest in the 48 auctions of the past year.
A year earlier the 364-day bill cleared at 25.38%, so the government is paying 1128 basis points less than twelve months ago.
What this means for MZN 100,000
Worked from the published rate · information, not advice
MZN 14,100 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 114,100 after 12 months: MZN 14,100 in interest before any withholding tax, about MZN 1,175 a month.
That is MZN 70 less than the same money would have earned at the previous auction.
For shorter money: MZN 3,528 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 | 14.110% | 14.140% | MZN 500m | MZN 20m | MZN 20m |
| 364-day | 14.100% | 14.170% | MZN 3.00bn | MZN 2.48bn | MZN 2.48bn |
Source: Banco de Moçambique result · weighted average subscription rate
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Afronomics (2026). Mozambique Treasury bill auction, 28 November 2018, compiled from the Banco de Moçambique. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/mozambique/2018-11-28
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