Mozambique Treasury bills · auction of 5 July 2023
Mozambique T-bill auction, 5 July 2023: 364-day at 17.82%, unchanged
At the Treasury bill auction dated 5 July 2023, the Banco de Moçambique cleared the 91-day bill at 17.84% (up 2 basis points), the 182-day bill at 17.82% (up 1 basis point) and the 364-day bill at 17.82% (unchanged). The rate shown is the weighted average subscription rate.
The auction was undersubscribed: bids totalled MZN 2.7bn against MZN 3.1bn on offer, 88% of the amount sought, and MZN 2.6bn 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 15.45%, so the government is paying 237 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 the same as at the previous auction.
For shorter money: MZN 8,910 on the 182-day bill (6 months), MZN 4,460 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 | 17.840% | 17.820% | MZN 2.10bn | MZN 1.84bn | MZN 1.74bn |
| 182-day | 17.820% | 17.810% | MZN 900m | MZN 824m | MZN 824m |
| 364-day | 17.820% | 17.820% | MZN 100m | MZN 55m | MZN 55m |
Source: Banco de Moçambique result · weighted average subscription rate
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Afronomics (2026). Mozambique Treasury bill auction, 5 July 2023, compiled from the Banco de Moçambique. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/mozambique/2023-07-05
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