Mozambique Treasury bills · auction of 17 July 2019
Mozambique T-bill auction, 17 July 2019: 364-day at 12.72%, down 5 bps
At the Treasury bill auction dated 17 July 2019, the Banco de Moçambique cleared the 91-day bill at 12.90% (down 11 basis points), the 182-day bill at 12.82% (down 3 basis points) and the 364-day bill at 12.72% (down 5 basis points). The rate shown is the weighted average subscription rate.
The auction was fully subscribed: bids totalled MZN 5.2bn against MZN 4.0bn on offer, 129% of the amount sought, and MZN 2.7bn was accepted.
At 12.72%, the 364-day rate is the lowest in the 40 auctions of the past year.
A year earlier the 364-day bill cleared at 15.53%, so the government is paying 281 basis points less than twelve months ago.
What this means for MZN 100,000
Worked from the published rate · information, not advice
MZN 12,720 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 112,720 after 12 months: MZN 12,720 in interest before any withholding tax, about MZN 1,060 a month.
That is MZN 50 less than the same money would have earned at the previous auction.
For shorter money: MZN 6,410 on the 182-day bill (6 months), MZN 3,225 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 | 12.900% | 13.010% | MZN 1.00bn | MZN 1.05bn | MZN 320m |
| 182-day | 12.820% | 12.850% | MZN 1.00bn | MZN 1.07bn | MZN 340m |
| 364-day | 12.720% | 12.770% | MZN 2.00bn | MZN 3.05bn | MZN 2.00bn |
Source: Banco de Moçambique result · weighted average subscription rate
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Afronomics (2026). Mozambique Treasury bill auction, 17 July 2019, compiled from the Banco de Moçambique. Retrieved 3 October 2026, from https://www.afronomicsfeed.com/markets/tbills/mozambique/2019-07-17
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