Mozambique Treasury bills · auction of 3 July 2024
Mozambique T-bill auction, 3 July 2024: 364-day at 16.44%, down 52 bps
At the Treasury bill auction dated 3 July 2024, the Banco de Moçambique cleared the 91-day bill at 16.13% (down 8 basis points), the 182-day bill at 16.27% (down 24 basis points) and the 364-day bill at 16.44% (down 52 basis points). The rate shown is the weighted average subscription rate.
The auction was undersubscribed: bids totalled MZN 3.1bn against MZN 3.3bn on offer, 94% of the amount sought, and MZN 3.1bn was accepted.
At 16.44%, the 364-day rate is the lowest in the 31 auctions of the past year.
A year earlier the 364-day bill cleared at 17.82%, so the government is paying 138 basis points less than twelve months ago.
What this means for MZN 100,000
Worked from the published rate · information, not advice
MZN 16,440 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 116,440 after 12 months: MZN 16,440 in interest before any withholding tax, about MZN 1,370 a month.
That is MZN 520 less than the same money would have earned at the previous auction.
For shorter money: MZN 8,135 on the 182-day bill (6 months), MZN 4,033 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 | 16.130% | 16.210% | MZN 500m | MZN 351m | MZN 351m |
| 182-day | 16.270% | 16.510% | MZN 1.80bn | MZN 1.80bn | MZN 1.80bn |
| 364-day | 16.440% | 16.960% | MZN 1.00bn | MZN 967m | MZN 967m |
Source: Banco de Moçambique result · weighted average subscription rate
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Afronomics (2026). Mozambique Treasury bill auction, 3 July 2024, compiled from the Banco de Moçambique. Retrieved 3 October 2026, from https://www.afronomicsfeed.com/markets/tbills/mozambique/2024-07-03
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