Mozambique Treasury bills · auction of 12 December 2018
Mozambique T-bill auction, 12 December 2018: 364-day at 13.92%, down 4 bps
At the Treasury bill auction dated 12 December 2018, the Banco de Moçambique cleared the 91-day bill at 13.96% (down 4 basis points), the 182-day bill at 13.97% (down 2 basis points) and the 364-day bill at 13.92% (down 4 basis points). The rate shown is the weighted average subscription rate.
The auction was fully subscribed: bids totalled MZN 3.4bn against MZN 3.0bn on offer, 112% of the amount sought, and MZN 2.5bn was accepted.
At 13.92%, the 364-day rate is the lowest in the 48 auctions of the past year.
A year earlier the 364-day bill cleared at 25.44%, so the government is paying 1152 basis points less than twelve months ago.
What this means for MZN 100,000
Worked from the published rate · information, not advice
MZN 13,920 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 113,920 after 12 months: MZN 13,920 in interest before any withholding tax, about MZN 1,160 a month.
That is MZN 40 less than the same money would have earned at the previous auction.
For shorter money: MZN 6,985 on the 182-day bill (6 months), MZN 3,490 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 | 13.960% | 14.000% | MZN 1.00bn | MZN 1.58bn | MZN 1.00bn |
| 182-day | 13.970% | 13.990% | MZN 1.00bn | MZN 532m | MZN 532m |
| 364-day | 13.920% | 13.960% | MZN 1.00bn | MZN 1.25bn | MZN 1.00bn |
Source: Banco de Moçambique result · weighted average subscription rate
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Afronomics (2026). Mozambique Treasury bill auction, 12 December 2018, compiled from the Banco de Moçambique. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/mozambique/2018-12-12
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