Mozambique Treasury bills · auction of 7 August 2024
Mozambique T-bill auction, 7 August 2024: 364-day at 15.09%, down 131 bps
At the Treasury bill auction dated 7 August 2024, the Banco de Moçambique cleared the 91-day bill at 15.21% (down 62 basis points), the 182-day bill at 15.39% (down 77 basis points) and the 364-day bill at 15.09% (down 131 basis points). The rate shown is the weighted average subscription rate.
The auction was undersubscribed: bids totalled MZN 8.5bn against MZN 8.7bn on offer, 97% of the amount sought, and MZN 1.5bn was accepted.
At 15.09%, the 364-day rate is the lowest in the 31 auctions of the past year.
A year earlier the 364-day bill cleared at 17.83%, so the government is paying 274 basis points less than twelve months ago.
What this means for MZN 100,000
Worked from the published rate · information, not advice
MZN 15,090 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 115,090 after 12 months: MZN 15,090 in interest before any withholding tax, about MZN 1,258 a month.
That is MZN 1,310 less than the same money would have earned at the previous auction.
For shorter money: MZN 7,695 on the 182-day bill (6 months), MZN 3,803 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 | 15.210% | 15.830% | MZN 400m | MZN 172m | MZN 141m |
| 182-day | 15.390% | 16.160% | MZN 2.30bn | MZN 2.14bn | MZN 1.16bn |
| 364-day | 15.090% | 16.400% | MZN 6.00bn | MZN 6.16bn | MZN 149m |
Source: Banco de Moçambique result · weighted average subscription rate
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Afronomics (2026). Mozambique Treasury bill auction, 7 August 2024, compiled from the Banco de Moçambique. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/mozambique/2024-08-07
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