Mozambique Treasury bills · auction of 4 March 2020
Mozambique T-bill auction, 4 March 2020: 364-day at 11.09%, down 2 bps
At the Treasury bill auction dated 4 March 2020, the Banco de Moçambique cleared the 91-day bill at 12.59% (up 152 basis points), the 182-day bill at 11.17% (down 1 basis point) and the 364-day bill at 11.09% (down 2 basis points). The rate shown is the weighted average subscription rate.
Demand was strong: bids totalled MZN 3.9bn against MZN 2.3bn on offer, 173% of the amount sought, and MZN 2.1bn was accepted.
At 11.09%, the 364-day rate is the lowest in the 25 auctions of the past year.
A year earlier the 364-day bill cleared at 13.02%, so the government is paying 193 basis points less than twelve months ago.
What this means for MZN 100,000
Worked from the published rate · information, not advice
MZN 11,090 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 111,090 after 12 months: MZN 11,090 in interest before any withholding tax, about MZN 924 a month.
That is MZN 20 less than the same money would have earned at the previous auction.
For shorter money: MZN 5,585 on the 182-day bill (6 months), MZN 3,148 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 | 12.590% | 11.070% | MZN 300m | MZN 110m | MZN 110m |
| 182-day | 11.170% | 11.180% | MZN 200m | MZN 455m | MZN 200m |
| 364-day | 11.090% | 11.110% | MZN 1.75bn | MZN 3.34bn | MZN 1.75bn |
Source: Banco de Moçambique result · weighted average subscription rate
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Afronomics (2026). Mozambique Treasury bill auction, 4 March 2020, compiled from the Banco de Moçambique. Retrieved 3 October 2026, from https://www.afronomicsfeed.com/markets/tbills/mozambique/2020-03-04
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