Mozambique Treasury bills · auction of 5 March 2025
Mozambique T-bill auction, 5 March 2025: 364-day at 13.25%, down 1 bps
At the Treasury bill auction dated 5 March 2025, the Banco de Moçambique cleared the 91-day bill at 13.04% (down 1 basis point), the 182-day bill at 13.19% (down 1 basis point) and the 364-day bill at 13.25% (down 1 basis point). The rate shown is the weighted average subscription rate.
The auction was undersubscribed: bids totalled MZN 9.5bn against MZN 9.7bn on offer, 98% of the amount sought, and MZN 9.5bn was accepted.
At 13.25%, the 364-day rate is the lowest in the 38 auctions of the past year.
A year earlier the 364-day bill cleared at 18.30%, so the government is paying 505 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 MZN 10 less than the same money would have earned at the previous auction.
For shorter money: MZN 6,595 on the 182-day bill (6 months), MZN 3,260 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 | 13.040% | 13.050% | MZN 2.20bn | MZN 2.08bn | MZN 2.05bn |
| 182-day | 13.190% | 13.200% | MZN 3.80bn | MZN 3.74bn | MZN 3.74bn |
| 364-day | 13.250% | 13.260% | MZN 3.70bn | MZN 3.67bn | MZN 3.67bn |
Source: Banco de Moçambique result · weighted average subscription rate
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Afronomics (2026). Mozambique Treasury bill auction, 5 March 2025, compiled from the Banco de Moçambique. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/mozambique/2025-03-05
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