Mozambique Treasury bills · auction of 26 March 2025
Mozambique T-bill auction, 26 March 2025: 364-day at 13.58%, down 11 bps
At the Treasury bill auction dated 26 March 2025, the Banco de Moçambique cleared the 91-day bill at 13.37% (down 2 basis points), the 182-day bill at 13.40% (up 21 basis points) and the 364-day bill at 13.58% (down 11 basis points). The rate shown is the weighted average subscription rate.
The auction was undersubscribed: bids totalled MZN 3.4bn against MZN 3.6bn on offer, 94% of the amount sought, and MZN 3.1bn was accepted.
Over the past year the 364-day rate has ranged from 13.25% to 17.77%.
A year earlier the 364-day bill cleared at 18.30%, so the government is paying 472 basis points less than twelve months ago.
What this means for MZN 100,000
Worked from the published rate · information, not advice
MZN 13,580 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 113,580 after 12 months: MZN 13,580 in interest before any withholding tax, about MZN 1,132 a month.
That is MZN 110 less than the same money would have earned at the previous auction.
For shorter money: MZN 6,700 on the 182-day bill (6 months), MZN 3,342 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 | 13.370% | 13.390% | MZN 1.00bn | MZN 899m | MZN 899m |
| 182-day | 13.400% | 13.190% | MZN 2.20bn | MZN 2.17bn | MZN 2.17bn |
| 364-day | 13.580% | 13.690% | MZN 400m | MZN 314m | MZN 9m |
Source: Banco de Moçambique result · weighted average subscription rate
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Afronomics (2026). Mozambique Treasury bill auction, 26 March 2025, compiled from the Banco de Moçambique. Retrieved 3 October 2026, from https://www.afronomicsfeed.com/markets/tbills/mozambique/2025-03-26
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