Mozambique Treasury bills · auction of 19 February 2025
Mozambique T-bill auction, 19 February 2025: 364-day at 13.25%, unchanged
At the Treasury bill auction dated 19 February 2025, the Banco de Moçambique cleared the 91-day bill at 13.14% (down 2 basis points), the 182-day bill at 13.12% (up 1 basis point) and the 364-day bill at 13.25% (unchanged). The rate shown is the weighted average subscription rate.
The auction was undersubscribed: bids totalled MZN 9.2bn against MZN 11.3bn on offer, 81% of the amount sought, and MZN 6.9bn was accepted.
At 13.25%, the 364-day rate is the lowest in the 37 auctions of the past year.
A year earlier the 364-day bill cleared at 18.37%, so the government is paying 512 basis points less than twelve months ago.
What this means for MZN 100,000
Worked from the published rate · information, not advice
MZN 13,250 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 113,250 after 12 months: MZN 13,250 in interest before any withholding tax, about MZN 1,104 a month.
That is the same as at the previous auction.
For shorter money: MZN 6,560 on the 182-day bill (6 months), MZN 3,285 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 | 13.140% | 13.160% | MZN 5.70bn | MZN 4.91bn | MZN 2.91bn |
| 182-day | 13.120% | 13.110% | MZN 3.10bn | MZN 2.30bn | MZN 2.30bn |
| 364-day | 13.250% | 13.250% | MZN 2.50bn | MZN 1.96bn | MZN 1.69bn |
Source: Banco de Moçambique result · weighted average subscription rate
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Afronomics (2026). Mozambique Treasury bill auction, 19 February 2025, compiled from the Banco de Moçambique. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/mozambique/2025-02-19
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