Mozambique Treasury bills · auction of 21 August 2019
Mozambique T-bill auction, 21 August 2019: 364-day at 12.25%, down 44 bps
At the Treasury bill auction dated 21 August 2019, the Banco de Moçambique cleared the 91-day bill at 11.90% (down 99 basis points) and the 364-day bill at 12.25% (down 44 basis points). The rate shown is the weighted average subscription rate.
The auction was undersubscribed: bids totalled MZN 13.5bn against MZN 14.3bn on offer, 94% of the amount sought, and MZN 12.1bn was accepted.
At 12.25%, the 364-day rate is the lowest in the 37 auctions of the past year.
A year earlier the 364-day bill cleared at 15.33%, so the government is paying 308 basis points less than twelve months ago.
What this means for MZN 100,000
Worked from the published rate · information, not advice
MZN 12,250 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 112,250 after 12 months: MZN 12,250 in interest before any withholding tax, about MZN 1,021 a month.
That is MZN 440 less than the same money would have earned at the previous auction.
For shorter money: MZN 2,975 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 | 11.900% | 12.890% | MZN 1.25bn | MZN 1.05bn | MZN 5m |
| 364-day | 12.250% | 12.690% | MZN 13.00bn | MZN 12.40bn | MZN 12.05bn |
Source: Banco de Moçambique result · weighted average subscription rate
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Afronomics (2026). Mozambique Treasury bill auction, 21 August 2019, compiled from the Banco de Moçambique. Retrieved 3 October 2026, from https://www.afronomicsfeed.com/markets/tbills/mozambique/2019-08-21
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