Mozambique Treasury bills · auction of 18 October 2023
Mozambique T-bill auction, 18 October 2023: 364-day at 18.22%, up 4 bps
At the Treasury bill auction dated 18 October 2023, the Banco de Moçambique cleared the 91-day bill at 18.13% (up 2 basis points), the 182-day bill at 18.17% (up 6 basis points) and the 364-day bill at 18.22% (up 4 basis points). The rate shown is the weighted average subscription rate.
The auction was undersubscribed: bids totalled MZN 4.0bn against MZN 4.4bn on offer, 90% of the amount sought, and MZN 3.9bn was accepted.
At 18.22%, the 364-day rate is the highest in the 26 auctions of the past year.
A year earlier the 364-day bill cleared at 17.38%, so the government is paying 84 basis points more than twelve months ago.
What this means for MZN 100,000
Worked from the published rate · information, not advice
MZN 18,220 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 118,220 after 12 months: MZN 18,220 in interest before any withholding tax, about MZN 1,518 a month.
That is MZN 40 more than the same money would have earned at the previous auction.
For shorter money: MZN 9,085 on the 182-day bill (6 months), MZN 4,533 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 | 18.130% | 18.110% | MZN 1.80bn | MZN 1.49bn | MZN 1.41bn |
| 182-day | 18.170% | 18.110% | MZN 1.00bn | MZN 915m | MZN 915m |
| 364-day | 18.220% | 18.180% | 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, 18 October 2023, compiled from the Banco de Moçambique. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/mozambique/2023-10-18
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