Mozambique Treasury bills · auction of 16 October 2019
Mozambique T-bill auction, 16 October 2019: 364-day at 12.18%, down 3 bps
At the Treasury bill auction dated 16 October 2019, the Banco de Moçambique cleared the 91-day bill at 11.78% (down 9 basis points), the 182-day bill at 11.98% (down 2 basis points) and the 364-day bill at 12.18% (down 3 basis points). The rate shown is the weighted average subscription rate.
The auction was fully subscribed: bids totalled MZN 16.6bn against MZN 12.4bn on offer, 134% of the amount sought, and MZN 12.4bn was accepted.
At 12.18%, the 364-day rate is the lowest in the 34 auctions of the past year.
A year earlier the 364-day bill cleared at 14.55%, so the government is paying 237 basis points less than twelve months ago.
What this means for MZN 100,000
Worked from the published rate · information, not advice
MZN 12,180 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 112,180 after 12 months: MZN 12,180 in interest before any withholding tax, about MZN 1,015 a month.
That is MZN 30 less than the same money would have earned at the previous auction.
For shorter money: MZN 5,990 on the 182-day bill (6 months), MZN 2,945 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 | 11.780% | 11.870% | MZN 400m | MZN 688m | MZN 400m |
| 182-day | 11.980% | 12.000% | MZN 1.00bn | MZN 1.63bn | MZN 1.00bn |
| 364-day | 12.180% | 12.210% | MZN 11.00bn | MZN 14.30bn | MZN 11.00bn |
Source: Banco de Moçambique result · weighted average subscription rate
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Afronomics (2026). Mozambique Treasury bill auction, 16 October 2019, compiled from the Banco de Moçambique. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/mozambique/2019-10-16
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