Mozambique Treasury bills · auction of 3 January 2024
Mozambique T-bill auction, 3 January 2024: 364-day at 18.94%, up 34 bps
At the Treasury bill auction dated 3 January 2024, the Banco de Moçambique cleared the 91-day bill at 18.40% (up 10 basis points), the 182-day bill at 18.68% (up 27 basis points) and the 364-day bill at 18.94% (up 34 basis points). The rate shown is the weighted average subscription rate.
The auction was undersubscribed: bids totalled MZN 5.8bn against MZN 6.6bn on offer, 88% of the amount sought, and MZN 5.7bn was accepted.
At 18.94%, the 364-day rate is the highest in the 28 auctions of the past year.
A year earlier the 364-day bill cleared at 17.73%, so the government is paying 121 basis points more than twelve months ago.
What this means for MZN 100,000
Worked from the published rate · information, not advice
MZN 18,940 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 118,940 after 12 months: MZN 18,940 in interest before any withholding tax, about MZN 1,578 a month.
That is MZN 340 more than the same money would have earned at the previous auction.
For shorter money: MZN 9,340 on the 182-day bill (6 months), MZN 4,600 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 | 18.400% | 18.300% | MZN 3.50bn | MZN 3.29bn | MZN 3.29bn |
| 182-day | 18.680% | 18.410% | MZN 1.10bn | MZN 789m | MZN 789m |
| 364-day | 18.940% | 18.600% | MZN 2.00bn | MZN 1.75bn | MZN 1.66bn |
Source: Banco de Moçambique result · weighted average subscription rate
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Afronomics (2026). Mozambique Treasury bill auction, 3 January 2024, compiled from the Banco de Moçambique. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/mozambique/2024-01-03
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