Mozambique Treasury bills · auction of 22 January 2025
Mozambique T-bill auction, 22 January 2025: 364-day at 13.80%, unchanged
At the Treasury bill auction dated 22 January 2025, the Banco de Moçambique cleared the 91-day bill at 13.68% (unchanged), the 182-day bill at 13.64% (unchanged) and the 364-day bill at 13.80% (unchanged). The rate shown is the weighted average subscription rate.
The auction was undersubscribed: bids totalled MZN 1.1bn against MZN 1.2bn on offer, 89% of the amount sought, and MZN 1.1bn 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 18.99%, so the government is paying 519 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 the same as at the previous auction.
For shorter money: MZN 6,820 on the 182-day bill (6 months), MZN 3,420 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 | 13.680% | 13.680% | MZN 300m | MZN 298m | MZN 298m |
| 182-day | 13.640% | 13.640% | MZN 100m | MZN 28m | MZN 28m |
| 364-day | 13.800% | 13.800% | MZN 800m | MZN 737m | MZN 737m |
Source: Banco de Moçambique result · weighted average subscription rate
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Afronomics (2026). Mozambique Treasury bill auction, 22 January 2025, compiled from the Banco de Moçambique. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/mozambique/2025-01-22
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