Mozambique Treasury bills · auction of 5 October 2022
Mozambique T-bill auction, 5 October 2022: 364-day at 17.38%, up 183 bps
At the Treasury bill auction dated 5 October 2022, the Banco de Moçambique cleared the 91-day bill at 17.48% (up 198 basis points), the 182-day bill at 17.57% (up 205 basis points) and the 364-day bill at 17.38% (up 183 basis points). The rate shown is the weighted average subscription rate.
The auction was undersubscribed: bids totalled MZN 16.4bn against MZN 16.5bn on offer, 99% of the amount sought, and MZN 16.4bn was accepted.
At 17.38%, 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 398 basis points more than twelve months ago.
What this means for MZN 100,000
Worked from the published rate · information, not advice
MZN 17,380 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 117,380 after 12 months: MZN 17,380 in interest before any withholding tax, about MZN 1,448 a month.
That is MZN 1,830 more than the same money would have earned at the previous auction.
For shorter money: MZN 8,785 on the 182-day bill (6 months), MZN 4,370 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 | 17.480% | 15.500% | MZN 15.90bn | MZN 15.90bn | MZN 15.90bn |
| 182-day | 17.570% | 15.520% | MZN 200m | MZN 125m | MZN 125m |
| 364-day | 17.380% | 15.550% | MZN 400m | MZN 357m | MZN 357m |
Source: Banco de Moçambique result · weighted average subscription rate
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Afronomics (2026). Mozambique Treasury bill auction, 5 October 2022, compiled from the Banco de Moçambique. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/mozambique/2022-10-05
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