Mozambique Treasury bills · auction of 8 January 2020
Mozambique T-bill auction, 8 January 2020: 364-day at 11.47%, down 17 bps
At the Treasury bill auction dated 8 January 2020, the Banco de Moçambique cleared the 91-day bill at 11.12% (down 4 basis points), the 182-day bill at 11.48% (down 8 basis points) and the 364-day bill at 11.47% (down 17 basis points). The rate shown is the weighted average subscription rate.
Demand was strong: bids totalled MZN 35.6bn against MZN 19.0bn on offer, 188% of the amount sought, and MZN 17.9bn was accepted.
At 11.47%, the 364-day rate is the lowest in the 28 auctions of the past year.
A year earlier the 364-day bill cleared at 13.17%, so the government is paying 170 basis points less than twelve months ago.
What this means for MZN 100,000
Worked from the published rate · information, not advice
MZN 11,470 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 111,470 after 12 months: MZN 11,470 in interest before any withholding tax, about MZN 956 a month.
That is MZN 170 less than the same money would have earned at the previous auction.
For shorter money: MZN 5,740 on the 182-day bill (6 months), MZN 2,780 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 | 11.120% | 11.160% | MZN 2.00bn | MZN 947m | MZN 947m |
| 182-day | 11.480% | 11.560% | MZN 2.00bn | MZN 3.65bn | MZN 2.00bn |
| 364-day | 11.470% | 11.640% | MZN 15.00bn | MZN 31.05bn | MZN 15.00bn |
Source: Banco de Moçambique result · weighted average subscription rate
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Afronomics (2026). Mozambique Treasury bill auction, 8 January 2020, compiled from the Banco de Moçambique. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/mozambique/2020-01-08
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