Mozambique Treasury bills · auction of 20 January 2021
Mozambique T-bill auction, 20 January 2021: 364-day at 7.26%, down 4 bps
At the Treasury bill auction dated 20 January 2021, the Banco de Moçambique cleared the 91-day bill at 7.40% (down 17 basis points), the 182-day bill at 7.25% (down 5 basis points) and the 364-day bill at 7.26% (down 4 basis points). The rate shown is the weighted average subscription rate.
Demand was strong: bids totalled MZN 3.8bn against MZN 1.3bn on offer, 290% of the amount sought, and MZN 1.2bn was accepted.
At 7.26%, the 364-day rate is the lowest in the 23 auctions of the past year.
A year earlier the 364-day bill cleared at 11.47%, so the government is paying 421 basis points less than twelve months ago.
What this means for MZN 100,000
Worked from the published rate · information, not advice
MZN 7,260 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 107,260 after 12 months: MZN 7,260 in interest before any withholding tax, about MZN 605 a month.
That is MZN 40 less than the same money would have earned at the previous auction.
For shorter money: MZN 3,625 on the 182-day bill (6 months), MZN 1,850 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 | 7.400% | 7.570% | MZN 141m | MZN 62m | MZN 12m |
| 182-day | 7.250% | 7.300% | MZN 350m | MZN 900m | MZN 350m |
| 364-day | 7.260% | 7.300% | MZN 825m | MZN 2.85bn | MZN 825m |
Source: Banco de Moçambique result · weighted average subscription rate
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Afronomics (2026). Mozambique Treasury bill auction, 20 January 2021, compiled from the Banco de Moçambique. Retrieved 3 October 2026, from https://www.afronomicsfeed.com/markets/tbills/mozambique/2021-01-20
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