Mozambique Treasury bills · auction of 27 March 2024
Mozambique T-bill auction, 27 March 2024: 364-day at 18.37%, up 7 bps
At the Treasury bill auction dated 27 March 2024, the Banco de Moçambique cleared the 91-day bill at 17.61% (down 1 basis point), the 182-day bill at 18.06% (unchanged) and the 364-day bill at 18.37% (up 7 basis points). The rate shown is the weighted average subscription rate.
The auction was undersubscribed: bids totalled MZN 4.3bn against MZN 6.5bn on offer, 65% of the amount sought, and MZN 3.4bn 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 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 70 more than the same money would have earned at the previous auction.
For shorter money: MZN 9,030 on the 182-day bill (6 months), MZN 4,403 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 | 17.610% | 17.620% | MZN 1.00bn | MZN 900m | MZN 100m |
| 182-day | 18.060% | 18.060% | MZN 2.20bn | MZN 1.13bn | MZN 1.08bn |
| 364-day | 18.370% | 18.300% | MZN 3.30bn | MZN 2.22bn | MZN 2.22bn |
Source: Banco de Moçambique result · weighted average subscription rate
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Afronomics (2026). Mozambique Treasury bill auction, 27 March 2024, compiled from the Banco de Moçambique. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/mozambique/2024-03-27
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