Mozambique Treasury bills · auction of 7 February 2024
Mozambique T-bill auction, 7 February 2024: 364-day at 18.37%, down 68 bps
At the Treasury bill auction dated 7 February 2024, the Banco de Moçambique cleared the 91-day bill at 17.77% (down 79 basis points), the 182-day bill at 18.10% (down 65 basis points) and the 364-day bill at 18.37% (down 68 basis points). The rate shown is the weighted average subscription rate.
The auction was undersubscribed: bids totalled MZN 7.2bn against MZN 7.7bn on offer, 94% of the amount sought, and MZN 7.1bn was accepted.
Over the past year the 364-day rate has ranged from 17.80% to 19.05%.
A year earlier the 364-day bill cleared at 17.80%, so the government is paying 57 basis points more than twelve months ago.
What this means for MZN 100,000
Worked from the published rate · information, not advice
MZN 18,370 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 118,370 after 12 months: MZN 18,370 in interest before any withholding tax, about MZN 1,531 a month.
That is MZN 680 less than the same money would have earned at the previous auction.
For shorter money: MZN 9,050 on the 182-day bill (6 months), MZN 4,443 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 | 17.770% | 18.560% | MZN 1.20bn | MZN 892m | MZN 862m |
| 182-day | 18.100% | 18.750% | MZN 2.00bn | MZN 1.95bn | MZN 1.87bn |
| 364-day | 18.370% | 19.050% | MZN 4.50bn | MZN 4.39bn | MZN 4.39bn |
Source: Banco de Moçambique result · weighted average subscription rate
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Afronomics (2026). Mozambique Treasury bill auction, 7 February 2024, compiled from the Banco de Moçambique. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/mozambique/2024-02-07
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