Mozambique Treasury bills · auction of 31 January 2024
Mozambique T-bill auction, 31 January 2024: 364-day at 19.05%, up 6 bps
At the Treasury bill auction dated 31 January 2024, the Banco de Moçambique cleared the 91-day bill at 18.56% (up 6 basis points), the 182-day bill at 18.75% (up 11 basis points) and the 364-day bill at 19.05% (up 6 basis points). The rate shown is the weighted average subscription rate.
The auction was undersubscribed: bids totalled MZN 4.8bn against MZN 5.1bn on offer, 94% of the amount sought, and MZN 3.4bn was accepted.
At 19.05%, the 364-day rate is the highest in the 28 auctions of the past year.
A year earlier the 364-day bill cleared at 17.75%, so the government is paying 130 basis points more than twelve months ago.
What this means for MZN 100,000
Worked from the published rate · information, not advice
MZN 19,050 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 119,050 after 12 months: MZN 19,050 in interest before any withholding tax, about MZN 1,588 a month.
That is MZN 60 more than the same money would have earned at the previous auction.
For shorter money: MZN 9,375 on the 182-day bill (6 months), MZN 4,640 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 | 18.560% | 18.500% | MZN 1.70bn | MZN 1.62bn | MZN 1.09bn |
| 182-day | 18.750% | 18.640% | MZN 900m | MZN 839m | MZN 464m |
| 364-day | 19.050% | 18.990% | MZN 2.50bn | MZN 2.34bn | MZN 1.80bn |
Source: Banco de Moçambique result · weighted average subscription rate
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Afronomics (2026). Mozambique Treasury bill auction, 31 January 2024, compiled from the Banco de Moçambique. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/mozambique/2024-01-31
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