Mozambique Treasury bills · auction of 17 January 2024
Mozambique T-bill auction, 17 January 2024: 364-day at 18.99%, up 5 bps
At the Treasury bill auction dated 17 January 2024, the Banco de Moçambique cleared the 91-day bill at 18.50% (up 10 basis points), the 182-day bill at 18.64% (down 4 basis points) and the 364-day bill at 18.99% (up 5 basis points). The rate shown is the weighted average subscription rate.
The auction was undersubscribed: bids totalled MZN 8.2bn against MZN 8.7bn on offer, 94% of the amount sought, and MZN 8.0bn was accepted.
At 18.99%, 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 126 basis points more than twelve months ago.
What this means for MZN 100,000
Worked from the published rate · information, not advice
MZN 18,990 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 118,990 after 12 months: MZN 18,990 in interest before any withholding tax, about MZN 1,583 a month.
That is MZN 50 more than the same money would have earned at the previous auction.
For shorter money: MZN 9,320 on the 182-day bill (6 months), MZN 4,625 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 | 18.500% | 18.400% | MZN 4.00bn | MZN 3.64bn | MZN 3.64bn |
| 182-day | 18.640% | 18.680% | MZN 1.60bn | MZN 1.83bn | MZN 1.60bn |
| 364-day | 18.990% | 18.940% | MZN 3.10bn | MZN 2.73bn | MZN 2.73bn |
Source: Banco de Moçambique result · weighted average subscription rate
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Afronomics (2026). Mozambique Treasury bill auction, 17 January 2024, compiled from the Banco de Moçambique. Retrieved 3 October 2026, from https://www.afronomicsfeed.com/markets/tbills/mozambique/2024-01-17
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