Mozambique Treasury bills · auction of 19 December 2018
Mozambique T-bill auction, 19 December 2018: 364-day at 13.19%, down 73 bps
At the Treasury bill auction dated 19 December 2018, the Banco de Moçambique cleared the 91-day bill at 13.50% (down 46 basis points) and the 364-day bill at 13.19% (down 73 basis points). The rate shown is the weighted average subscription rate.
The auction was undersubscribed: bids totalled MZN 888m against MZN 2.0bn on offer, 44% of the amount sought, and MZN 653m was accepted.
At 13.19%, the 364-day rate is the lowest in the 48 auctions of the past year.
A year earlier the 364-day bill cleared at 25.42%, so the government is paying 1223 basis points less than twelve months ago.
What this means for MZN 100,000
Worked from the published rate · information, not advice
MZN 13,190 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 113,190 after 12 months: MZN 13,190 in interest before any withholding tax, about MZN 1,099 a month.
That is MZN 730 less than the same money would have earned at the previous auction.
For shorter money: MZN 3,375 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 | 13.500% | 13.960% | MZN 1.00bn | MZN 435m | MZN 300m |
| 364-day | 13.190% | 13.920% | MZN 1.00bn | MZN 453m | MZN 353m |
Source: Banco de Moçambique result · weighted average subscription rate
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Afronomics (2026). Mozambique Treasury bill auction, 19 December 2018, compiled from the Banco de Moçambique. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/mozambique/2018-12-19
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