Mozambique Treasury bills · auction of 2 February 2021
Mozambique T-bill auction, 2 February 2021: 364-day at 12.76%, up 550 bps
At the Treasury bill auction dated 2 February 2021, the Banco de Moçambique cleared the 91-day bill at 12.02% (up 462 basis points), the 182-day bill at 12.98% (up 573 basis points) and the 364-day bill at 12.76% (up 550 basis points). The rate shown is the weighted average subscription rate.
The auction was fully subscribed: bids totalled MZN 13.1bn against MZN 9.6bn on offer, 137% of the amount sought, and MZN 9.6bn was accepted.
At 12.76%, the 364-day rate is the highest in the 24 auctions of the past year.
A year earlier the 364-day bill cleared at 11.25%, so the government is paying 151 basis points more than twelve months ago.
What this means for MZN 100,000
Worked from the published rate · information, not advice
MZN 12,760 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 112,760 after 12 months: MZN 12,760 in interest before any withholding tax, about MZN 1,063 a month.
That is MZN 5,500 more than the same money would have earned at the previous auction.
For shorter money: MZN 6,490 on the 182-day bill (6 months), MZN 3,005 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 | 12.020% | 7.400% | MZN 4.40bn | MZN 5.67bn | MZN 4.40bn |
| 182-day | 12.980% | 7.250% | MZN 2.90bn | MZN 3.92bn | MZN 2.90bn |
| 364-day | 12.760% | 7.260% | MZN 2.30bn | MZN 3.52bn | MZN 2.30bn |
Source: Banco de Moçambique result · weighted average subscription rate
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Afronomics (2026). Mozambique Treasury bill auction, 2 February 2021, compiled from the Banco de Moçambique. Retrieved 3 October 2026, from https://www.afronomicsfeed.com/markets/tbills/mozambique/2021-02-02
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