Mozambique Treasury bills · auction of 15 November 2023
Mozambique T-bill auction, 15 November 2023: 364-day at 18.24%, unchanged
At the Treasury bill auction dated 15 November 2023, the Banco de Moçambique cleared the 91-day bill at 18.16% (up 2 basis points), the 182-day bill at 18.20% (up 1 basis point) and the 364-day bill at 18.24% (unchanged). The rate shown is the weighted average subscription rate.
The auction was undersubscribed: bids totalled MZN 5.7bn against MZN 5.7bn on offer, 100% of the amount sought, and MZN 5.3bn was accepted.
At 18.24%, the 364-day rate is the highest in the 26 auctions of the past year.
A year earlier the 364-day bill cleared at 17.65%, so the government is paying 59 basis points more than twelve months ago.
What this means for MZN 100,000
Worked from the published rate · information, not advice
MZN 18,240 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 118,240 after 12 months: MZN 18,240 in interest before any withholding tax, about MZN 1,520 a month.
That is the same as at the previous auction.
For shorter money: MZN 9,100 on the 182-day bill (6 months), MZN 4,540 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 | 18.160% | 18.140% | MZN 1.70bn | MZN 1.56bn | MZN 1.31bn |
| 182-day | 18.200% | 18.190% | MZN 1.10bn | MZN 1.08bn | MZN 1.08bn |
| 364-day | 18.240% | 18.240% | MZN 2.90bn | MZN 3.05bn | MZN 2.90bn |
Source: Banco de Moçambique result · weighted average subscription rate
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Afronomics (2026). Mozambique Treasury bill auction, 15 November 2023, compiled from the Banco de Moçambique. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/mozambique/2023-11-15
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