Mozambique Treasury bills · auction of 16 March 2022
Mozambique T-bill auction, 16 March 2022: 364-day at 13.39%, down 1 bps
At the Treasury bill auction dated 16 March 2022, the Banco de Moçambique cleared the 91-day bill at 13.36% (down 2 basis points), the 182-day bill at 13.38% (unchanged) and the 364-day bill at 13.39% (down 1 basis point). The rate shown is the weighted average subscription rate.
The auction was undersubscribed: bids totalled MZN 2.1bn against MZN 2.5bn on offer, 86% of the amount sought, and MZN 2.1bn was accepted.
Over the past year the 364-day rate has ranged from 13.36% to 13.40%.
A year earlier the 364-day bill cleared at 13.32%, so the government is paying 7 basis points more than twelve months ago.
What this means for MZN 100,000
Worked from the published rate · information, not advice
MZN 13,390 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 113,390 after 12 months: MZN 13,390 in interest before any withholding tax, about MZN 1,116 a month.
That is MZN 10 less than the same money would have earned at the previous auction.
For shorter money: MZN 6,690 on the 182-day bill (6 months), MZN 3,340 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 | 13.360% | 13.380% | MZN 1.20bn | MZN 924m | MZN 924m |
| 182-day | 13.380% | 13.380% | MZN 900m | MZN 906m | MZN 900m |
| 364-day | 13.390% | 13.400% | MZN 400m | MZN 320m | MZN 320m |
Source: Banco de Moçambique result · weighted average subscription rate
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Afronomics (2026). Mozambique Treasury bill auction, 16 March 2022, compiled from the Banco de Moçambique. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/mozambique/2022-03-16
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