Mozambique Treasury bills · auction of 2 October 2024
Mozambique T-bill auction, 2 October 2024: 364-day at 14.45%, down 76 bps
At the Treasury bill auction dated 2 October 2024, the Banco de Moçambique cleared the 91-day bill at 14.22% (down 77 basis points), the 182-day bill at 14.45% (down 75 basis points) and the 364-day bill at 14.45% (down 76 basis points). The rate shown is the weighted average subscription rate.
The auction was undersubscribed: bids totalled MZN 3.6bn against MZN 4.0bn on offer, 90% of the amount sought, and MZN 3.6bn was accepted.
At 14.45%, the 364-day rate is the lowest in the 32 auctions of the past year.
A year earlier the 364-day bill cleared at 18.18%, so the government is paying 373 basis points less than twelve months ago.
What this means for MZN 100,000
Worked from the published rate · information, not advice
MZN 14,450 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 114,450 after 12 months: MZN 14,450 in interest before any withholding tax, about MZN 1,204 a month.
That is MZN 760 less than the same money would have earned at the previous auction.
For shorter money: MZN 7,225 on the 182-day bill (6 months), MZN 3,555 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 | 14.220% | 14.990% | MZN 1.20bn | MZN 1.11bn | MZN 1.11bn |
| 182-day | 14.450% | 15.200% | MZN 900m | MZN 630m | MZN 630m |
| 364-day | 14.450% | 15.210% | MZN 1.90bn | MZN 1.87bn | MZN 1.87bn |
Source: Banco de Moçambique result · weighted average subscription rate
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Afronomics (2026). Mozambique Treasury bill auction, 2 October 2024, compiled from the Banco de Moçambique. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/mozambique/2024-10-02
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