Mozambique Treasury bills · auction of 18 June 2025
Mozambique T-bill auction, 18 June 2025: 364-day at 12.87%, down 1 bps
At the Treasury bill auction dated 18 June 2025, the Banco de Moçambique cleared the 91-day bill at 12.55% (unchanged), the 182-day bill at 12.85% (down 2 basis points) and the 364-day bill at 12.87% (down 1 basis point). The rate shown is the weighted average subscription rate.
The auction was undersubscribed: bids totalled MZN 3.9bn against MZN 5.8bn on offer, 68% of the amount sought, and MZN 3.9bn was accepted.
At 12.87%, the 364-day rate is the lowest in the 45 auctions of the past year.
A year earlier the 364-day bill cleared at 17.02%, so the government is paying 415 basis points less than twelve months ago.
What this means for MZN 100,000
Worked from the published rate · information, not advice
MZN 12,870 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 112,870 after 12 months: MZN 12,870 in interest before any withholding tax, about MZN 1,072 a month.
That is MZN 10 less than the same money would have earned at the previous auction.
For shorter money: MZN 6,425 on the 182-day bill (6 months), MZN 3,138 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 | 12.550% | 12.550% | MZN 2.20bn | MZN 1.66bn | MZN 1.66bn |
| 182-day | 12.850% | 12.870% | MZN 2.80bn | MZN 1.99bn | MZN 1.99bn |
| 364-day | 12.870% | 12.880% | MZN 800m | MZN 277m | MZN 277m |
Source: Banco de Moçambique result · weighted average subscription rate
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Afronomics (2026). Mozambique Treasury bill auction, 18 June 2025, compiled from the Banco de Moçambique. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/mozambique/2025-06-18
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