Mozambique Treasury bills · auction of 4 January 2023
Mozambique T-bill auction, 4 January 2023: 364-day at 17.73%, unchanged
At the Treasury bill auction dated 4 January 2023, the Banco de Moçambique cleared the 91-day bill at 17.69% (up 3 basis points), the 182-day bill at 17.72% (up 1 basis point) and the 364-day bill at 17.73% (unchanged). The rate shown is the weighted average subscription rate.
The auction was undersubscribed: bids totalled MZN 13.7bn against MZN 13.8bn on offer, 99% of the amount sought, and MZN 12.2bn was accepted.
At 17.73%, the 364-day rate is the highest in the 23 auctions of the past year.
A year earlier the 364-day bill cleared at 13.40%, so the government is paying 433 basis points more than twelve months ago.
What this means for MZN 100,000
Worked from the published rate · information, not advice
MZN 17,730 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 117,730 after 12 months: MZN 17,730 in interest before any withholding tax, about MZN 1,478 a month.
That is the same as at the previous auction.
For shorter money: MZN 8,860 on the 182-day bill (6 months), MZN 4,423 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 | 17.690% | 17.660% | MZN 4.90bn | MZN 4.83bn | MZN 4.33bn |
| 182-day | 17.720% | 17.710% | MZN 4.80bn | MZN 4.79bn | MZN 4.29bn |
| 364-day | 17.730% | 17.730% | MZN 4.10bn | MZN 4.10bn | MZN 3.60bn |
Source: Banco de Moçambique result · weighted average subscription rate
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Afronomics (2026). Mozambique Treasury bill auction, 4 January 2023, compiled from the Banco de Moçambique. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/mozambique/2023-01-04
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