Mozambique Treasury bills · auction of 6 September 2023
Mozambique T-bill auction, 6 September 2023: 364-day at 17.94%, up 9 bps
At the Treasury bill auction dated 6 September 2023, the Banco de Moçambique cleared the 91-day bill at 17.89% (up 4 basis points), the 182-day bill at 17.96% (up 13 basis points) and the 364-day bill at 17.94% (up 9 basis points). The rate shown is the weighted average subscription rate.
The auction was undersubscribed: bids totalled MZN 27.2bn against MZN 30.5bn on offer, 89% of the amount sought, and MZN 27.2bn was accepted.
At 17.94%, the 364-day rate is the highest in the 25 auctions of the past year.
A year earlier the 364-day bill cleared at 15.55%, so the government is paying 239 basis points more than twelve months ago.
What this means for MZN 100,000
Worked from the published rate · information, not advice
MZN 17,940 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 117,940 after 12 months: MZN 17,940 in interest before any withholding tax, about MZN 1,495 a month.
That is MZN 90 more than the same money would have earned at the previous auction.
For shorter money: MZN 8,980 on the 182-day bill (6 months), MZN 4,473 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 | 17.890% | 17.850% | MZN 9.50bn | MZN 8.46bn | MZN 8.46bn |
| 182-day | 17.960% | 17.830% | MZN 6.00bn | MZN 5.22bn | MZN 5.22bn |
| 364-day | 17.940% | 17.850% | MZN 15.00bn | MZN 13.56bn | MZN 13.56bn |
Source: Banco de Moçambique result · weighted average subscription rate
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Afronomics (2026). Mozambique Treasury bill auction, 6 September 2023, compiled from the Banco de Moçambique. Retrieved 3 October 2026, from https://www.afronomicsfeed.com/markets/tbills/mozambique/2023-09-06
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