Mozambique Treasury bills · auction of 4 September 2024
Mozambique T-bill auction, 4 September 2024: 364-day at 15.03%, down 15 bps
At the Treasury bill auction dated 4 September 2024, the Banco de Moçambique cleared the 91-day bill at 15.00% (down 17 basis points), the 182-day bill at 15.26% (unchanged) and the 364-day bill at 15.03% (down 15 basis points). The rate shown is the weighted average subscription rate.
The auction was undersubscribed: bids totalled MZN 13.0bn against MZN 13.3bn on offer, 97% of the amount sought, and MZN 11.6bn was accepted.
At 15.03%, the 364-day rate is the lowest in the 31 auctions of the past year.
A year earlier the 364-day bill cleared at 17.85%, so the government is paying 282 basis points less than twelve months ago.
What this means for MZN 100,000
Worked from the published rate · information, not advice
MZN 15,030 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 115,030 after 12 months: MZN 15,030 in interest before any withholding tax, about MZN 1,252 a month.
That is MZN 150 less than the same money would have earned at the previous auction.
For shorter money: MZN 7,630 on the 182-day bill (6 months), MZN 3,750 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 | 15.000% | 15.170% | MZN 1.50bn | MZN 1.33bn | MZN 19m |
| 182-day | 15.260% | 15.260% | MZN 1.10bn | MZN 981m | MZN 981m |
| 364-day | 15.030% | 15.180% | MZN 10.70bn | MZN 10.64bn | MZN 10.64bn |
Source: Banco de Moçambique result · weighted average subscription rate
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Afronomics (2026). Mozambique Treasury bill auction, 4 September 2024, compiled from the Banco de Moçambique. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/mozambique/2024-09-04
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