Mozambique Treasury bills · auction of 13 December 2023
Mozambique T-bill auction, 13 December 2023: 364-day at 18.53%, up 18 bps
At the Treasury bill auction dated 13 December 2023, the Banco de Moçambique cleared the 91-day bill at 18.26% (up 8 basis points), the 182-day bill at 18.40% (up 13 basis points) and the 364-day bill at 18.53% (up 18 basis points). The rate shown is the weighted average subscription rate.
The auction was undersubscribed: bids totalled MZN 5.5bn against MZN 5.9bn on offer, 93% of the amount sought, and MZN 5.5bn was accepted.
At 18.53%, the 364-day rate is the highest in the 28 auctions of the past year.
A year earlier the 364-day bill cleared at 17.71%, so the government is paying 82 basis points more than twelve months ago.
What this means for MZN 100,000
Worked from the published rate · information, not advice
MZN 18,530 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 118,530 after 12 months: MZN 18,530 in interest before any withholding tax, about MZN 1,544 a month.
That is MZN 180 more than the same money would have earned at the previous auction.
For shorter money: MZN 9,200 on the 182-day bill (6 months), MZN 4,565 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 | 18.260% | 18.180% | MZN 3.30bn | MZN 3.18bn | MZN 3.18bn |
| 182-day | 18.400% | 18.270% | MZN 700m | MZN 538m | MZN 538m |
| 364-day | 18.530% | 18.350% | MZN 1.90bn | MZN 1.76bn | MZN 1.76bn |
Source: Banco de Moçambique result · weighted average subscription rate
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Afronomics (2026). Mozambique Treasury bill auction, 13 December 2023, compiled from the Banco de Moçambique. Retrieved 3 October 2026, from https://www.afronomicsfeed.com/markets/tbills/mozambique/2023-12-13
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