Mozambique Treasury bills · auction of 7 May 2025
Mozambique T-bill auction, 7 May 2025: 364-day at 13.16%, down 2 bps
At the Treasury bill auction dated 7 May 2025, the Banco de Moçambique cleared the 91-day bill at 13.01% (unchanged), the 182-day bill at 13.24% (up 14 basis points) and the 364-day bill at 13.16% (down 2 basis points). The rate shown is the weighted average subscription rate.
The auction was undersubscribed: bids totalled MZN 9.3bn against MZN 9.9bn on offer, 94% of the amount sought, and MZN 9.3bn was accepted.
At 13.16%, the 364-day rate is the lowest in the 42 auctions of the past year.
A year earlier the 364-day bill cleared at 17.76%, so the government is paying 460 basis points less than twelve months ago.
What this means for MZN 100,000
Worked from the published rate · information, not advice
MZN 13,160 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 113,160 after 12 months: MZN 13,160 in interest before any withholding tax, about MZN 1,097 a month.
That is MZN 20 less than the same money would have earned at the previous auction.
For shorter money: MZN 6,620 on the 182-day bill (6 months), MZN 3,253 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 | 13.010% | 13.010% | MZN 3.80bn | MZN 3.60bn | MZN 3.60bn |
| 182-day | 13.240% | 13.100% | MZN 5.10bn | MZN 4.75bn | MZN 4.75bn |
| 364-day | 13.160% | 13.180% | MZN 1.00bn | MZN 930m | MZN 930m |
Source: Banco de Moçambique result · weighted average subscription rate
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Afronomics (2026). Mozambique Treasury bill auction, 7 May 2025, compiled from the Banco de Moçambique. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/mozambique/2025-05-07
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