Mozambique Treasury bills · auction of 3 March 2021
Mozambique T-bill auction, 3 March 2021: 364-day at 13.32%, up 23 bps
At the Treasury bill auction dated 3 March 2021, the Banco de Moçambique cleared the 91-day bill at 13.20% (up 36 basis points), the 182-day bill at 13.31% (up 8 basis points) and the 364-day bill at 13.32% (up 23 basis points). The rate shown is the weighted average subscription rate.
The auction was fully subscribed: bids totalled MZN 20.0bn against MZN 19.5bn on offer, 102% of the amount sought, and MZN 18.1bn was accepted.
At 13.32%, the 364-day rate is the highest in the 23 auctions of the past year.
A year earlier the 364-day bill cleared at 11.11%, so the government is paying 221 basis points more than twelve months ago.
What this means for MZN 100,000
Worked from the published rate · information, not advice
MZN 13,320 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 113,320 after 12 months: MZN 13,320 in interest before any withholding tax, about MZN 1,110 a month.
That is MZN 230 more than the same money would have earned at the previous auction.
For shorter money: MZN 6,655 on the 182-day bill (6 months), MZN 3,300 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 | 13.200% | 12.840% | MZN 5.50bn | MZN 6.65bn | MZN 4.95bn |
| 182-day | 13.310% | 13.230% | MZN 7.50bn | MZN 7.26bn | MZN 7.24bn |
| 364-day | 13.320% | 13.090% | MZN 6.50bn | MZN 6.07bn | MZN 5.92bn |
Source: Banco de Moçambique result · weighted average subscription rate
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Afronomics (2026). Mozambique Treasury bill auction, 3 March 2021, compiled from the Banco de Moçambique. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/mozambique/2021-03-03
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