Mozambique Treasury bills · auction of 15 July 2020
Mozambique T-bill auction, 15 July 2020: 364-day at 8.50%, down 168 bps
At the Treasury bill auction dated 15 July 2020, the Banco de Moçambique cleared the 91-day bill at 8.62% (down 128 basis points), the 182-day bill at 9.00% (down 138 basis points) and the 364-day bill at 8.50% (down 168 basis points). The rate shown is the weighted average subscription rate.
Demand was strong: bids totalled MZN 11.3bn against MZN 3.4bn on offer, 332% of the amount sought, and MZN 623m was accepted.
At 8.50%, the 364-day rate is the lowest in the 23 auctions of the past year.
A year earlier the 364-day bill cleared at 12.77%, so the government is paying 427 basis points less than twelve months ago.
What this means for MZN 100,000
Worked from the published rate · information, not advice
MZN 8,500 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 108,500 after 12 months: MZN 8,500 in interest before any withholding tax, about MZN 708 a month.
That is MZN 1,680 less than the same money would have earned at the previous auction.
For shorter money: MZN 4,500 on the 182-day bill (6 months), MZN 2,155 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 | 8.620% | 9.900% | MZN 245m | MZN 770m | MZN 245m |
| 182-day | 9.000% | 10.380% | MZN 1.02bn | MZN 4.33bn | MZN 249m |
| 364-day | 8.500% | 10.180% | MZN 2.15bn | MZN 6.24bn | MZN 129m |
Source: Banco de Moçambique result · weighted average subscription rate
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Afronomics (2026). Mozambique Treasury bill auction, 15 July 2020, compiled from the Banco de Moçambique. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/mozambique/2020-07-15
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