Mozambique Treasury bills · auction of 19 July 2023
Mozambique T-bill auction, 19 July 2023: 364-day at 17.82%, unchanged
At the Treasury bill auction dated 19 July 2023, the Banco de Moçambique cleared the 91-day bill at 17.84% (unchanged), the 182-day bill at 17.82% (unchanged) 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 3.2bn against MZN 3.4bn on offer, 95% of the amount sought, and MZN 3.2bn was accepted.
At 17.82%, the 364-day rate is the highest in the 24 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 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% | 17.840% | MZN 2.00bn | MZN 1.90bn | MZN 1.90bn |
| 182-day | 17.820% | 17.820% | MZN 1.10bn | MZN 1.06bn | MZN 1.06bn |
| 364-day | 17.820% | 17.820% | MZN 300m | MZN 262m | MZN 262m |
Source: Banco de Moçambique result · weighted average subscription rate
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Afronomics (2026). Mozambique Treasury bill auction, 19 July 2023, compiled from the Banco de Moçambique. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/mozambique/2023-07-19
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