Mozambique Treasury bills · auction of 9 January 2019
Mozambique T-bill auction, 9 January 2019: 364-day at 13.12%, down 5 bps
At the Treasury bill auction dated 9 January 2019, the Banco de Moçambique cleared the 91-day bill at 13.45% (down 2 basis points), the 182-day bill at 13.40% (down 3 basis points) and the 364-day bill at 13.12% (down 5 basis points). The rate shown is the weighted average subscription rate.
The auction was undersubscribed: bids totalled MZN 7.1bn against MZN 8.0bn on offer, 89% of the amount sought, and MZN 5.8bn was accepted.
At 13.12%, the 364-day rate is the lowest in the 48 auctions of the past year.
A year earlier the 364-day bill cleared at 23.74%, so the government is paying 1062 basis points less than twelve months ago.
What this means for MZN 100,000
Worked from the published rate · information, not advice
MZN 13,120 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 113,120 after 12 months: MZN 13,120 in interest before any withholding tax, about MZN 1,093 a month.
That is MZN 50 less than the same money would have earned at the previous auction.
For shorter money: MZN 6,700 on the 182-day bill (6 months), MZN 3,362 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 | 13.450% | 13.470% | MZN 2.00bn | MZN 845m | MZN 845m |
| 182-day | 13.400% | 13.430% | MZN 2.00bn | MZN 971m | MZN 971m |
| 364-day | 13.120% | 13.170% | MZN 4.00bn | MZN 5.29bn | MZN 4.00bn |
Source: Banco de Moçambique result · weighted average subscription rate
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Afronomics (2026). Mozambique Treasury bill auction, 9 January 2019, compiled from the Banco de Moçambique. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/mozambique/2019-01-09
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