Mozambique Treasury bills · auction of 19 February 2020
Mozambique T-bill auction, 19 February 2020: 364-day at 11.11%, down 7 bps
At the Treasury bill auction dated 19 February 2020, the Banco de Moçambique cleared the 91-day bill at 11.07% (up 2 basis points), the 182-day bill at 11.18% (down 12 basis points) and the 364-day bill at 11.11% (down 7 basis points). The rate shown is the weighted average subscription rate.
Demand was strong: bids totalled MZN 4.3bn against MZN 2.0bn on offer, 216% of the amount sought, and MZN 2.0bn was accepted.
At 11.11%, the 364-day rate is the lowest in the 26 auctions of the past year.
A year earlier the 364-day bill cleared at 13.02%, so the government is paying 191 basis points less than twelve months ago.
What this means for MZN 100,000
Worked from the published rate · information, not advice
MZN 11,110 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 111,110 after 12 months: MZN 11,110 in interest before any withholding tax, about MZN 926 a month.
That is MZN 70 less than the same money would have earned at the previous auction.
For shorter money: MZN 5,590 on the 182-day bill (6 months), MZN 2,768 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 | 11.070% | 11.050% | MZN 100m | MZN 197m | MZN 100m |
| 182-day | 11.180% | 11.300% | MZN 200m | MZN 256m | MZN 200m |
| 364-day | 11.110% | 11.180% | MZN 1.70bn | MZN 3.86bn | MZN 1.70bn |
Source: Banco de Moçambique result · weighted average subscription rate
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Afronomics (2026). Mozambique Treasury bill auction, 19 February 2020, compiled from the Banco de Moçambique. Retrieved 3 October 2026, from https://www.afronomicsfeed.com/markets/tbills/mozambique/2020-02-19
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