Mozambique Treasury bills · auction of 24 December 2019
Mozambique T-bill auction, 24 December 2019: 364-day at 11.64%, down 22 bps
At the Treasury bill auction dated 24 December 2019, the Banco de Moçambique cleared the 91-day bill at 11.16% (down 11 basis points), the 182-day bill at 11.56% (up 2 basis points) and the 364-day bill at 11.64% (down 22 basis points). The rate shown is the weighted average subscription rate.
The auction was fully subscribed: bids totalled MZN 8.7bn against MZN 6.0bn on offer, 147% of the amount sought, and MZN 5.8bn was accepted.
At 11.64%, the 364-day rate is the lowest in the 30 auctions of the past year.
A year earlier the 364-day bill cleared at 13.19%, so the government is paying 155 basis points less than twelve months ago.
What this means for MZN 100,000
Worked from the published rate · information, not advice
MZN 11,640 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 111,640 after 12 months: MZN 11,640 in interest before any withholding tax, about MZN 970 a month.
That is MZN 220 less than the same money would have earned at the previous auction.
For shorter money: MZN 5,780 on the 182-day bill (6 months), MZN 2,790 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 | 11.160% | 11.270% | MZN 300m | MZN 918m | MZN 300m |
| 182-day | 11.560% | 11.540% | MZN 750m | MZN 556m | MZN 556m |
| 364-day | 11.640% | 11.860% | MZN 4.90bn | MZN 7.27bn | MZN 4.90bn |
Source: Banco de Moçambique result · weighted average subscription rate
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Afronomics (2026). Mozambique Treasury bill auction, 24 December 2019, compiled from the Banco de Moçambique. Retrieved 3 October 2026, from https://www.afronomicsfeed.com/markets/tbills/mozambique/2019-12-24
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