Mozambique Treasury bills · auction of 3 May 2023
Mozambique T-bill auction, 3 May 2023: 364-day at 17.82%, up 1 bps
At the Treasury bill auction dated 3 May 2023, the Banco de Moçambique cleared the 91-day bill at 17.78% (up 3 basis points), the 182-day bill at 17.80% (up 4 basis points) and the 364-day bill at 17.82% (up 1 basis point). The rate shown is the weighted average subscription rate.
The auction was undersubscribed: bids totalled MZN 9.2bn against MZN 9.5bn on offer, 97% of the amount sought, and MZN 9.2bn was accepted.
At 17.82%, the 364-day rate is the highest in the 23 auctions of the past year.
A year earlier the 364-day bill cleared at 15.40%, so the government is paying 242 basis points more than twelve months ago.
What this means for MZN 100,000
Worked from the published rate · information, not advice
MZN 17,820 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 117,820 after 12 months: MZN 17,820 in interest before any withholding tax, about MZN 1,485 a month.
That is MZN 10 more than the same money would have earned at the previous auction.
For shorter money: MZN 8,900 on the 182-day bill (6 months), MZN 4,445 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 | 17.780% | 17.750% | MZN 4.90bn | MZN 4.75bn | MZN 4.75bn |
| 182-day | 17.800% | 17.760% | MZN 3.00bn | MZN 2.93bn | MZN 2.93bn |
| 364-day | 17.820% | 17.810% | MZN 1.60bn | MZN 1.57bn | MZN 1.57bn |
Source: Banco de Moçambique result · weighted average subscription rate
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Afronomics (2026). Mozambique Treasury bill auction, 3 May 2023, compiled from the Banco de Moçambique. Retrieved 3 October 2026, from https://www.afronomicsfeed.com/markets/tbills/mozambique/2023-05-03
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