Mozambique Treasury bills · auction of 29 January 2025
Mozambique T-bill auction, 29 January 2025: 364-day at 13.26%, down 54 bps
At the Treasury bill auction dated 29 January 2025, the Banco de Moçambique cleared the 91-day bill at 13.17% (down 51 basis points), the 182-day bill at 13.12% (down 52 basis points) and the 364-day bill at 13.26% (down 54 basis points). The rate shown is the weighted average subscription rate.
The auction was undersubscribed: bids totalled MZN 3.7bn against MZN 5.0bn on offer, 75% of the amount sought, and MZN 3.7bn was accepted.
At 13.26%, the 364-day rate is the lowest in the 37 auctions of the past year.
A year earlier the 364-day bill cleared at 18.99%, so the government is paying 573 basis points less than twelve months ago.
What this means for MZN 100,000
Worked from the published rate · information, not advice
MZN 13,260 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 113,260 after 12 months: MZN 13,260 in interest before any withholding tax, about MZN 1,105 a month.
That is MZN 540 less than the same money would have earned at the previous auction.
For shorter money: MZN 6,560 on the 182-day bill (6 months), MZN 3,293 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 | 13.170% | 13.680% | MZN 2.50bn | MZN 1.83bn | MZN 1.83bn |
| 182-day | 13.120% | 13.640% | MZN 1.50bn | MZN 985m | MZN 985m |
| 364-day | 13.260% | 13.800% | MZN 1.00bn | MZN 913m | MZN 913m |
Source: Banco de Moçambique result · weighted average subscription rate
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Afronomics (2026). Mozambique Treasury bill auction, 29 January 2025, compiled from the Banco de Moçambique. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/mozambique/2025-01-29
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