Mozambique Treasury bills · auction of 20 March 2024
Mozambique T-bill auction, 20 March 2024: 364-day at 18.30%, unchanged
At the Treasury bill auction dated 20 March 2024, the Banco de Moçambique cleared the 91-day bill at 17.62% (unchanged), the 182-day bill at 18.06% (unchanged) and the 364-day bill at 18.30% (unchanged). The rate shown is the weighted average subscription rate.
The auction was undersubscribed: bids totalled MZN 7.8bn against MZN 10.4bn on offer, 75% of the amount sought, and MZN 6.7bn was accepted.
Over the past year the 364-day rate has ranged from 17.81% to 19.05%.
A year earlier the 364-day bill cleared at 17.80%, so the government is paying 50 basis points more than twelve months ago.
What this means for MZN 100,000
Worked from the published rate · information, not advice
MZN 18,300 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 118,300 after 12 months: MZN 18,300 in interest before any withholding tax, about MZN 1,525 a month.
That is the same as at the previous auction.
For shorter money: MZN 9,030 on the 182-day bill (6 months), MZN 4,405 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 | 17.620% | 17.620% | MZN 1.50bn | MZN 1.12bn | MZN 1.07bn |
| 182-day | 18.060% | 18.060% | MZN 1.90bn | MZN 1.09bn | MZN 90m |
| 364-day | 18.300% | 18.300% | MZN 7.00bn | MZN 5.56bn | MZN 5.56bn |
Source: Banco de Moçambique result · weighted average subscription rate
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Afronomics (2026). Mozambique Treasury bill auction, 20 March 2024, compiled from the Banco de Moçambique. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/mozambique/2024-03-20
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