Mozambique Treasury bills · auction of 18 December 2024
Mozambique T-bill auction, 18 December 2024: 364-day at 13.80%, up 1 bps
At the Treasury bill auction dated 18 December 2024, the Banco de Moçambique cleared the 91-day bill at 13.40% (down 14 basis points), the 182-day bill at 13.60% (down 5 basis points) and the 364-day bill at 13.80% (up 1 basis point). The rate shown is the weighted average subscription rate.
The auction was undersubscribed: bids totalled MZN 639m against MZN 800m on offer, 80% of the amount sought, and MZN 448m was accepted.
Over the past year the 364-day rate has ranged from 13.76% to 19.05%.
A year earlier the 364-day bill cleared at 18.53%, so the government is paying 473 basis points less than twelve months ago.
What this means for MZN 100,000
Worked from the published rate · information, not advice
MZN 13,800 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 113,800 after 12 months: MZN 13,800 in interest before any withholding tax, about MZN 1,150 a month.
That is MZN 10 more than the same money would have earned at the previous auction.
For shorter money: MZN 6,800 on the 182-day bill (6 months), MZN 3,350 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 | 13.400% | 13.540% | MZN 400m | MZN 591m | MZN 400m |
| 182-day | 13.600% | 13.650% | MZN 200m | MZN 43m | MZN 43m |
| 364-day | 13.800% | 13.790% | MZN 200m | MZN 5m | MZN 5m |
Source: Banco de Moçambique result · weighted average subscription rate
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Afronomics (2026). Mozambique Treasury bill auction, 18 December 2024, compiled from the Banco de Moçambique. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/mozambique/2024-12-18
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