Mozambique Treasury bills · auction of 13 September 2023
Mozambique T-bill auction, 13 September 2023: 364-day at 18.05%, up 11 bps
At the Treasury bill auction dated 13 September 2023, the Banco de Moçambique cleared the 91-day bill at 17.91% (up 2 basis points), the 182-day bill at 17.92% (down 4 basis points) and the 364-day bill at 18.05% (up 11 basis points). The rate shown is the weighted average subscription rate.
The auction was undersubscribed: bids totalled MZN 3.5bn against MZN 15.0bn on offer, 23% of the amount sought, and MZN 3.5bn was accepted.
At 18.05%, the 364-day rate is the highest in the 26 auctions of the past year.
A year earlier the 364-day bill cleared at 15.55%, so the government is paying 250 basis points more than twelve months ago.
What this means for MZN 100,000
Worked from the published rate · information, not advice
MZN 18,050 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 118,050 after 12 months: MZN 18,050 in interest before any withholding tax, about MZN 1,504 a month.
That is MZN 110 more than the same money would have earned at the previous auction.
For shorter money: MZN 8,960 on the 182-day bill (6 months), MZN 4,478 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 | 17.910% | 17.890% | MZN 1.60bn | MZN 168m | MZN 168m |
| 182-day | 17.920% | 17.960% | MZN 3.40bn | MZN 815m | MZN 815m |
| 364-day | 18.050% | 17.940% | MZN 10.00bn | MZN 2.53bn | MZN 2.53bn |
Source: Banco de Moçambique result · weighted average subscription rate
Cite or reuse this data
Free to quote, chart and republish with the credit “Source: Afronomics, compiled from the Banco de Moçambique” and a link to this page.
Afronomics (2026). Mozambique Treasury bill auction, 13 September 2023, compiled from the Banco de Moçambique. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/mozambique/2023-09-13
Free, every weekday at 7:00
The Afronomics Morning
Africa’s markets before 7am: the currencies that moved overnight, the auction results that landed, what is due today and the headlines that matter. Plus the Weekly every Monday.