Mozambique Treasury bills · auction of 20 November 2019
Mozambique T-bill auction, 20 November 2019: 364-day at 11.78%, down 36 bps
At the Treasury bill auction dated 20 November 2019, the Banco de Moçambique cleared the 91-day bill at 11.53% (down 25 basis points), the 182-day bill at 11.83% (down 4 basis points) and the 364-day bill at 11.78% (down 36 basis points). The rate shown is the weighted average subscription rate.
Demand was strong: bids totalled MZN 13.1bn against MZN 6.7bn on offer, 195% of the amount sought, and MZN 6.7bn was accepted.
At 11.78%, the 364-day rate is the lowest in the 32 auctions of the past year.
A year earlier the 364-day bill cleared at 14.17%, so the government is paying 239 basis points less than twelve months ago.
What this means for MZN 100,000
Worked from the published rate · information, not advice
MZN 11,780 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 111,780 after 12 months: MZN 11,780 in interest before any withholding tax, about MZN 982 a month.
That is MZN 360 less than the same money would have earned at the previous auction.
For shorter money: MZN 5,915 on the 182-day bill (6 months), MZN 2,883 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 | 11.530% | 11.780% | MZN 75m | MZN 239m | MZN 75m |
| 182-day | 11.830% | 11.870% | MZN 400m | MZN 1.15bn | MZN 400m |
| 364-day | 11.780% | 12.140% | MZN 6.25bn | MZN 11.73bn | MZN 6.25bn |
Source: Banco de Moçambique result · weighted average subscription rate
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Afronomics (2026). Mozambique Treasury bill auction, 20 November 2019, compiled from the Banco de Moçambique. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/mozambique/2019-11-20
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