Mozambique Treasury bills · auction of 4 December 2024
Mozambique T-bill auction, 4 December 2024: 364-day at 13.76%, down 65 bps
At the Treasury bill auction dated 4 December 2024, the Banco de Moçambique cleared the 91-day bill at 13.54% (down 58 basis points), the 182-day bill at 13.64% (down 75 basis points) and the 364-day bill at 13.76% (down 65 basis points). The rate shown is the weighted average subscription rate.
The auction was undersubscribed: bids totalled MZN 460m against MZN 4.2bn on offer, 11% of the amount sought, and MZN 460m was accepted.
At 13.76%, the 364-day rate is the lowest in the 34 auctions of the past year.
A year earlier the 364-day bill cleared at 18.28%, so the government is paying 452 basis points less than twelve months ago.
What this means for MZN 100,000
Worked from the published rate · information, not advice
MZN 13,760 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 113,760 after 12 months: MZN 13,760 in interest before any withholding tax, about MZN 1,147 a month.
That is MZN 650 less than the same money would have earned at the previous auction.
For shorter money: MZN 6,820 on the 182-day bill (6 months), MZN 3,385 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 | 13.540% | 14.120% | MZN 2.10bn | MZN 110m | MZN 110m |
| 182-day | 13.640% | 14.390% | MZN 600m | MZN 100m | MZN 100m |
| 364-day | 13.760% | 14.410% | MZN 1.50bn | MZN 250m | MZN 250m |
Source: Banco de Moçambique result · weighted average subscription rate
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Afronomics (2026). Mozambique Treasury bill auction, 4 December 2024, compiled from the Banco de Moçambique. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/mozambique/2024-12-04
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