Mozambique Treasury bills · auction of 18 January 2023
Mozambique T-bill auction, 18 January 2023: 364-day at 17.75%, up 2 bps
At the Treasury bill auction dated 18 January 2023, the Banco de Moçambique cleared the 91-day bill at 17.70% (up 1 basis point), the 182-day bill at 17.73% (up 1 basis point) and the 364-day bill at 17.75% (up 2 basis points). The rate shown is the weighted average subscription rate.
The auction was undersubscribed: bids totalled MZN 12.2bn against MZN 12.3bn on offer, 99% of the amount sought, and MZN 12.2bn was accepted.
At 17.75%, 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 435 basis points more than twelve months ago.
What this means for MZN 100,000
Worked from the published rate · information, not advice
MZN 17,750 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 117,750 after 12 months: MZN 17,750 in interest before any withholding tax, about MZN 1,479 a month.
That is MZN 20 more than the same money would have earned at the previous auction.
For shorter money: MZN 8,865 on the 182-day bill (6 months), MZN 4,425 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 | 17.700% | 17.690% | MZN 4.10bn | MZN 4.04bn | MZN 4.04bn |
| 182-day | 17.730% | 17.720% | MZN 4.60bn | MZN 4.54bn | MZN 4.54bn |
| 364-day | 17.750% | 17.730% | MZN 3.60bn | MZN 3.60bn | MZN 3.60bn |
Source: Banco de Moçambique result · weighted average subscription rate
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Afronomics (2026). Mozambique Treasury bill auction, 18 January 2023, compiled from the Banco de Moçambique. Retrieved 3 October 2026, from https://www.afronomicsfeed.com/markets/tbills/mozambique/2023-01-18
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