Mozambique Treasury bills · auction of 19 January 2022
Mozambique T-bill auction, 19 January 2022: 364-day at 13.40%, unchanged
At the Treasury bill auction dated 19 January 2022, the Banco de Moçambique cleared the 91-day bill at 13.37% (unchanged), the 182-day bill at 13.38% (unchanged) and the 364-day bill at 13.40% (unchanged). The rate shown is the weighted average subscription rate.
The auction was undersubscribed: bids totalled MZN 9.5bn against MZN 12.6bn on offer, 76% of the amount sought, and MZN 9.5bn was accepted.
At 13.40%, the 364-day rate is the highest in the 25 auctions of the past year.
A year earlier the 364-day bill cleared at 7.30%, so the government is paying 610 basis points more than twelve months ago.
What this means for MZN 100,000
Worked from the published rate · information, not advice
MZN 13,400 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 113,400 after 12 months: MZN 13,400 in interest before any withholding tax, about MZN 1,117 a month.
That is the same as at the previous auction.
For shorter money: MZN 6,690 on the 182-day bill (6 months), MZN 3,342 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 | 13.370% | 13.370% | MZN 9.00bn | MZN 5.99bn | MZN 5.95bn |
| 182-day | 13.380% | 13.380% | MZN 2.10bn | MZN 2.04bn | MZN 2.04bn |
| 364-day | 13.400% | 13.400% | MZN 1.50bn | MZN 1.49bn | MZN 1.49bn |
Source: Banco de Moçambique result · weighted average subscription rate
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Afronomics (2026). Mozambique Treasury bill auction, 19 January 2022, compiled from the Banco de Moçambique. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/mozambique/2022-01-19
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