Mozambique Treasury bills · auction of 12 August 2020
Mozambique T-bill auction, 12 August 2020: 364-day at 8.18%, down 32 bps
At the Treasury bill auction dated 12 August 2020, the Banco de Moçambique cleared the 91-day bill at 8.50% (down 12 basis points), the 182-day bill at 8.52% (down 48 basis points) and the 364-day bill at 8.18% (down 32 basis points). The rate shown is the weighted average subscription rate.
Demand was strong: bids totalled MZN 29.1bn against MZN 8.0bn on offer, 363% of the amount sought, and MZN 8.0bn was accepted.
At 8.18%, the 364-day rate is the lowest in the 23 auctions of the past year.
A year earlier the 364-day bill cleared at 12.69%, so the government is paying 451 basis points less than twelve months ago.
What this means for MZN 100,000
Worked from the published rate · information, not advice
MZN 8,180 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 108,180 after 12 months: MZN 8,180 in interest before any withholding tax, about MZN 682 a month.
That is MZN 320 less than the same money would have earned at the previous auction.
For shorter money: MZN 4,260 on the 182-day bill (6 months), MZN 2,125 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 | 8.500% | 8.620% | MZN 120m | MZN 387m | MZN 120m |
| 182-day | 8.520% | 9.000% | MZN 2.90bn | MZN 10.55bn | MZN 2.90bn |
| 364-day | 8.180% | 8.500% | MZN 5.00bn | MZN 18.18bn | MZN 5.00bn |
Source: Banco de Moçambique result · weighted average subscription rate
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Afronomics (2026). Mozambique Treasury bill auction, 12 August 2020, compiled from the Banco de Moçambique. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/mozambique/2020-08-12
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