Mozambique Treasury bills · auction of 6 July 2022
Mozambique T-bill auction, 6 July 2022: 364-day at 15.40%, down 5 bps
At the Treasury bill auction dated 6 July 2022, the Banco de Moçambique cleared the 91-day bill at 15.44% (up 2 basis points), the 182-day bill at 15.42% (unchanged) and the 364-day bill at 15.40% (down 5 basis points). The rate shown is the weighted average subscription rate.
The auction was undersubscribed: bids totalled MZN 2.9bn against MZN 3.2bn on offer, 89% of the amount sought, and MZN 2.5bn was accepted.
Over the past year the 364-day rate has ranged from 13.36% to 15.45%.
A year earlier the 364-day bill cleared at 13.40%, so the government is paying 200 basis points more than twelve months ago.
What this means for MZN 100,000
Worked from the published rate · information, not advice
MZN 15,400 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 115,400 after 12 months: MZN 15,400 in interest before any withholding tax, about MZN 1,283 a month.
That is MZN 50 less than the same money would have earned at the previous auction.
For shorter money: MZN 7,710 on the 182-day bill (6 months), MZN 3,860 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 | 15.440% | 15.420% | MZN 2.00bn | MZN 1.88bn | MZN 1.48bn |
| 182-day | 15.420% | 15.420% | MZN 1.00bn | MZN 820m | MZN 820m |
| 364-day | 15.400% | 15.450% | MZN 200m | MZN 155m | MZN 155m |
Source: Banco de Moçambique result · weighted average subscription rate
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Afronomics (2026). Mozambique Treasury bill auction, 6 July 2022, compiled from the Banco de Moçambique. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/mozambique/2022-07-06
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