Mozambique Treasury bills · auction of 18 September 2019
Mozambique T-bill auction, 18 September 2019: 364-day at 12.21%, up 1 bps
At the Treasury bill auction dated 18 September 2019, the Banco de Moçambique cleared the 91-day bill at 11.90% (unchanged), the 182-day bill at 12.07% (down 8 basis points) and the 364-day bill at 12.21% (up 1 basis point). The rate shown is the weighted average subscription rate.
The auction was undersubscribed: bids totalled MZN 9.9bn against MZN 12.0bn on offer, 83% of the amount sought, and MZN 9.9bn was accepted.
Over the past year the 364-day rate has ranged from 12.20% to 14.75%.
A year earlier the 364-day bill cleared at 14.95%, so the government is paying 274 basis points less than twelve months ago.
What this means for MZN 100,000
Worked from the published rate · information, not advice
MZN 12,210 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 112,210 after 12 months: MZN 12,210 in interest before any withholding tax, about MZN 1,018 a month.
That is MZN 10 more than the same money would have earned at the previous auction.
For shorter money: MZN 6,035 on the 182-day bill (6 months), 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% | 11.900% | MZN 1.00bn | MZN 43m | MZN 43m |
| 182-day | 12.070% | 12.150% | MZN 2.00bn | MZN 1.18bn | MZN 1.18bn |
| 364-day | 12.210% | 12.200% | MZN 9.00bn | MZN 8.71bn | MZN 8.71bn |
Source: Banco de Moçambique result · weighted average subscription rate
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Afronomics (2026). Mozambique Treasury bill auction, 18 September 2019, compiled from the Banco de Moçambique. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/mozambique/2019-09-18
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