Mozambique Treasury bills · auction of 22 January 2020
Mozambique T-bill auction, 22 January 2020: 364-day at 11.25%, down 22 bps
At the Treasury bill auction dated 22 January 2020, the Banco de Moçambique cleared the 91-day bill at 11.10% (down 2 basis points), the 182-day bill at 11.39% (down 9 basis points) and the 364-day bill at 11.25% (down 22 basis points). The rate shown is the weighted average subscription rate.
Demand was strong: bids totalled MZN 13.3bn against MZN 8.7bn on offer, 153% of the amount sought, and MZN 8.7bn was accepted.
At 11.25%, the 364-day rate is the lowest in the 27 auctions of the past year.
A year earlier the 364-day bill cleared at 13.09%, so the government is paying 184 basis points less than twelve months ago.
What this means for MZN 100,000
Worked from the published rate · information, not advice
MZN 11,250 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 111,250 after 12 months: MZN 11,250 in interest before any withholding tax, about MZN 938 a month.
That is MZN 220 less than the same money would have earned at the previous auction.
For shorter money: MZN 5,695 on the 182-day bill (6 months), MZN 2,775 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 | 11.100% | 11.120% | MZN 800m | MZN 1.25bn | MZN 800m |
| 182-day | 11.390% | 11.480% | MZN 1.20bn | MZN 3.27bn | MZN 1.20bn |
| 364-day | 11.250% | 11.470% | MZN 6.70bn | MZN 8.83bn | MZN 6.70bn |
Source: Banco de Moçambique result · weighted average subscription rate
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Afronomics (2026). Mozambique Treasury bill auction, 22 January 2020, compiled from the Banco de Moçambique. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/mozambique/2020-01-22
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