Mozambique Treasury bills · auction of 9 April 2025
Mozambique T-bill auction, 9 April 2025: 364-day at 13.20%, down 7 bps
At the Treasury bill auction dated 9 April 2025, the Banco de Moçambique cleared the 91-day bill at 13.02% (down 3 basis points), the 182-day bill at 13.00% (down 10 basis points) and the 364-day bill at 13.20% (down 7 basis points). The rate shown is the weighted average subscription rate.
The auction was undersubscribed: bids totalled MZN 2.6bn against MZN 3.0bn on offer, 87% of the amount sought, and MZN 2.6bn was accepted.
At 13.20%, the 364-day rate is the lowest in the 41 auctions of the past year.
A year earlier the 364-day bill cleared at 17.77%, so the government is paying 457 basis points less than twelve months ago.
What this means for MZN 100,000
Worked from the published rate · information, not advice
MZN 13,200 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 113,200 after 12 months: MZN 13,200 in interest before any withholding tax, about MZN 1,100 a month.
That is MZN 70 less than the same money would have earned at the previous auction.
For shorter money: MZN 6,500 on the 182-day bill (6 months), MZN 3,255 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 | 13.020% | 13.050% | MZN 1.80bn | MZN 1.59bn | MZN 1.59bn |
| 182-day | 13.000% | 13.100% | MZN 300m | MZN 219m | MZN 214m |
| 364-day | 13.200% | 13.270% | MZN 900m | MZN 800m | MZN 800m |
Source: Banco de Moçambique result · weighted average subscription rate
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Afronomics (2026). Mozambique Treasury bill auction, 9 April 2025, compiled from the Banco de Moçambique. Retrieved 3 October 2026, from https://www.afronomicsfeed.com/markets/tbills/mozambique/2025-04-09
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