Mozambique Treasury bills · auction of 20 May 2020
Mozambique T-bill auction, 20 May 2020: 364-day at 10.60%, down 9 bps
At the Treasury bill auction dated 20 May 2020, the Banco de Moçambique cleared the 91-day bill at 10.00% (down 4 basis points), the 182-day bill at 10.52% (down 6 basis points) and the 364-day bill at 10.60% (down 9 basis points). The rate shown is the weighted average subscription rate.
Demand was strong: bids totalled MZN 11.4bn against MZN 6.6bn on offer, 174% of the amount sought, and MZN 6.6bn was accepted.
At 10.60%, the 364-day rate is the lowest in the 25 auctions of the past year.
A year earlier the 364-day bill cleared at 13.00%, so the government is paying 240 basis points less than twelve months ago.
What this means for MZN 100,000
Worked from the published rate · information, not advice
MZN 10,600 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 110,600 after 12 months: MZN 10,600 in interest before any withholding tax, about MZN 883 a month.
That is MZN 90 less than the same money would have earned at the previous auction.
For shorter money: MZN 5,260 on the 182-day bill (6 months), MZN 2,500 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 | 10.000% | 10.040% | MZN 233m | MZN 535m | MZN 233m |
| 182-day | 10.520% | 10.580% | MZN 2.66bn | MZN 3.46bn | MZN 2.66bn |
| 364-day | 10.600% | 10.690% | MZN 3.69bn | MZN 7.45bn | MZN 3.69bn |
Source: Banco de Moçambique result · weighted average subscription rate
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Afronomics (2026). Mozambique Treasury bill auction, 20 May 2020, compiled from the Banco de Moçambique. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/mozambique/2020-05-20
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