Mozambique Treasury bills · auction of 24 March 2025
Mozambique T-bill auction, 24 March 2025: 364-day at 13.69%, up 43 bps
At the Treasury bill auction dated 24 March 2025, the Banco de Moçambique cleared the 91-day bill at 13.39% (up 33 basis points), the 182-day bill at 13.19% (unchanged) and the 364-day bill at 13.69% (up 43 basis points). The rate shown is the weighted average subscription rate.
The auction was undersubscribed: bids totalled MZN 11.2bn against MZN 11.3bn on offer, 99% of the amount sought, and MZN 11.2bn was accepted.
Over the past year the 364-day rate has ranged from 13.25% to 18.37%.
A year earlier the 364-day bill cleared at 18.30%, so the government is paying 461 basis points less than twelve months ago.
What this means for MZN 100,000
Worked from the published rate · information, not advice
MZN 13,690 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 113,690 after 12 months: MZN 13,690 in interest before any withholding tax, about MZN 1,141 a month.
That is MZN 430 more 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 3,348 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 | 13.390% | 13.060% | MZN 8.20bn | MZN 8.12bn | MZN 8.12bn |
| 182-day | 13.190% | 13.190% | MZN 100m | MZN 35m | MZN 35m |
| 364-day | 13.690% | 13.260% | MZN 3.00bn | MZN 3.00bn | MZN 3.00bn |
Source: Banco de Moçambique result · weighted average subscription rate
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Afronomics (2026). Mozambique Treasury bill auction, 24 March 2025, compiled from the Banco de Moçambique. Retrieved 3 October 2026, from https://www.afronomicsfeed.com/markets/tbills/mozambique/2025-03-24
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