Mozambique Treasury bills · auction of 6 September 2022
Mozambique T-bill auction, 6 September 2022: 364-day at 15.55%, up 2 bps
At the Treasury bill auction dated 6 September 2022, the Banco de Moçambique cleared the 91-day bill at 15.49% (up 5 basis points), the 182-day bill at 15.49% (unchanged) and the 364-day bill at 15.55% (up 2 basis points). The rate shown is the weighted average subscription rate.
The auction was undersubscribed: bids totalled MZN 8.9bn against MZN 9.3bn on offer, 96% of the amount sought, and MZN 8.7bn was accepted.
At 15.55%, the 364-day rate is the highest in the 24 auctions of the past year.
A year earlier the 364-day bill cleared at 13.40%, so the government is paying 215 basis points more than twelve months ago.
What this means for MZN 100,000
Worked from the published rate · information, not advice
MZN 15,550 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 115,550 after 12 months: MZN 15,550 in interest before any withholding tax, about MZN 1,296 a month.
That is MZN 20 more than the same money would have earned at the previous auction.
For shorter money: MZN 7,745 on the 182-day bill (6 months), MZN 3,873 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 | 15.490% | 15.440% | MZN 4.80bn | MZN 4.53bn | MZN 4.28bn |
| 182-day | 15.490% | 15.490% | MZN 1.50bn | MZN 1.46bn | MZN 1.46bn |
| 364-day | 15.550% | 15.530% | MZN 3.00bn | MZN 2.96bn | MZN 2.96bn |
Source: Banco de Moçambique result · weighted average subscription rate
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Afronomics (2026). Mozambique Treasury bill auction, 6 September 2022, compiled from the Banco de Moçambique. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/mozambique/2022-09-06
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