Mozambique Treasury bills · auction of 11 September 2024
Mozambique T-bill auction, 11 September 2024: 364-day at 15.20%, up 17 bps
At the Treasury bill auction dated 11 September 2024, the Banco de Moçambique cleared the 91-day bill at 15.00% (unchanged), the 182-day bill at 15.24% (down 2 basis points) and the 364-day bill at 15.20% (up 17 basis points). The rate shown is the weighted average subscription rate.
The auction was undersubscribed: bids totalled MZN 4.9bn against MZN 5.0bn on offer, 97% of the amount sought, and MZN 3.8bn was accepted.
Over the past year the 364-day rate has ranged from 15.03% to 19.05%.
A year earlier the 364-day bill cleared at 17.94%, 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 15,200 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 115,200 after 12 months: MZN 15,200 in interest before any withholding tax, about MZN 1,267 a month.
That is MZN 170 more than the same money would have earned at the previous auction.
For shorter money: MZN 7,620 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% | 15.000% | MZN 900m | MZN 844m | MZN 235m |
| 182-day | 15.240% | 15.260% | MZN 600m | MZN 572m | MZN 222m |
| 364-day | 15.200% | 15.030% | MZN 3.50bn | MZN 3.45bn | MZN 3.35bn |
Source: Banco de Moçambique result · weighted average subscription rate
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Afronomics (2026). Mozambique Treasury bill auction, 11 September 2024, compiled from the Banco de Moçambique. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/mozambique/2024-09-11
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