Mozambique Treasury bills · auction of 3 July 2019
Mozambique T-bill auction, 3 July 2019: 364-day at 12.77%, down 23 bps
At the Treasury bill auction dated 3 July 2019, the Banco de Moçambique cleared the 91-day bill at 13.01% (down 29 basis points), the 182-day bill at 12.85% (down 43 basis points) and the 364-day bill at 12.77% (down 23 basis points). The rate shown is the weighted average subscription rate.
The auction was fully subscribed: bids totalled MZN 3.5bn against MZN 3.1bn on offer, 112% of the amount sought, and MZN 2.8bn was accepted.
At 12.77%, the 364-day rate is the lowest in the 41 auctions of the past year.
A year earlier the 364-day bill cleared at 15.59%, so the government is paying 282 basis points less than twelve months ago.
What this means for MZN 100,000
Worked from the published rate · information, not advice
MZN 12,770 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 112,770 after 12 months: MZN 12,770 in interest before any withholding tax, about MZN 1,064 a month.
That is MZN 230 less than the same money would have earned at the previous auction.
For shorter money: MZN 6,425 on the 182-day bill (6 months), MZN 3,253 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 | 13.010% | 13.300% | MZN 1.00bn | MZN 833m | MZN 703m |
| 182-day | 12.850% | 13.280% | MZN 100m | MZN 305m | MZN 100m |
| 364-day | 12.770% | 13.000% | MZN 2.00bn | MZN 2.33bn | MZN 2.00bn |
Source: Banco de Moçambique result · weighted average subscription rate
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Afronomics (2026). Mozambique Treasury bill auction, 3 July 2019, compiled from the Banco de Moçambique. Retrieved 3 October 2026, from https://www.afronomicsfeed.com/markets/tbills/mozambique/2019-07-03
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