Mozambique Treasury bills · auction of 28 May 2025
Mozambique T-bill auction, 28 May 2025: 364-day at 13.18%, up 2 bps
At the Treasury bill auction dated 28 May 2025, the Banco de Moçambique cleared the 91-day bill at 13.06% (up 3 basis points), the 182-day bill at 13.20% (down 7 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 4.4bn against MZN 4.7bn on offer, 94% of the amount sought, and MZN 4.4bn was accepted.
Over the past year the 364-day rate has ranged from 13.16% to 17.02%.
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 6,600 on the 182-day bill (6 months), MZN 3,265 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 | 13.060% | 13.030% | MZN 1.80bn | MZN 1.61bn | MZN 1.61bn |
| 182-day | 13.200% | 13.270% | MZN 2.50bn | MZN 2.43bn | MZN 2.43bn |
| 364-day | 13.180% | 13.160% | MZN 383m | MZN 383m | MZN 383m |
Source: Banco de Moçambique result · weighted average subscription rate
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Afronomics (2026). Mozambique Treasury bill auction, 28 May 2025, compiled from the Banco de Moçambique. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/mozambique/2025-05-28
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