Mozambique Treasury bills · auction of 14 May 2025
Mozambique T-bill auction, 14 May 2025: 364-day at 13.18%, up 2 bps
At the Treasury bill auction dated 14 May 2025, the Banco de Moçambique cleared the 91-day bill at 13.01% (unchanged), the 182-day bill at 13.27% (up 3 basis points) and the 364-day bill at 13.18% (up 2 basis points). The rate shown is the weighted average subscription rate.
The auction was undersubscribed: bids totalled MZN 3.4bn against MZN 3.4bn on offer, 99% of the amount sought, and MZN 3.3bn was accepted.
Over the past year the 364-day rate has ranged from 13.16% to 17.71%.
A year earlier the 364-day bill cleared at 17.71%, so the government is paying 453 basis points less than twelve months ago.
What this means for MZN 100,000
Worked from the published rate · information, not advice
MZN 13,180 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 113,180 after 12 months: MZN 13,180 in interest before any withholding tax, about MZN 1,098 a month.
That is MZN 20 more than the same money would have earned at the previous auction.
For shorter money: MZN 6,635 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 2.20bn | MZN 2.27bn | MZN 2.17bn |
| 182-day | 13.270% | 13.240% | MZN 300m | MZN 268m | MZN 268m |
| 364-day | 13.180% | 13.160% | MZN 900m | MZN 829m | MZN 829m |
Source: Banco de Moçambique result · weighted average subscription rate
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Afronomics (2026). Mozambique Treasury bill auction, 14 May 2025, compiled from the Banco de Moçambique. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/mozambique/2025-05-14
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