Mozambique Treasury bills · auction of 23 July 2025
Mozambique T-bill auction, 23 July 2025: 364-day at 13.00%, unchanged
At the Treasury bill auction dated 23 July 2025, the Banco de Moçambique cleared the 91-day bill at 12.50% (unchanged), the 182-day bill at 12.84% (down 5 basis points) and the 364-day bill at 13.00% (unchanged). The rate shown is the weighted average subscription rate.
The auction was undersubscribed: bids totalled MZN 5.3bn against MZN 5.5bn on offer, 96% of the amount sought, and MZN 5.2bn was accepted.
Over the past year the 364-day rate has ranged from 12.87% to 15.21%.
A year earlier the 364-day bill cleared at 16.40%, so the government is paying 340 basis points less than twelve months ago.
What this means for MZN 100,000
Worked from the published rate · information, not advice
MZN 13,000 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 113,000 after 12 months: MZN 13,000 in interest before any withholding tax, about MZN 1,083 a month.
That is the same as at the previous auction.
For shorter money: MZN 6,420 on the 182-day bill (6 months), MZN 3,125 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 | 12.500% | 12.500% | MZN 4.20bn | MZN 3.98bn | MZN 3.98bn |
| 182-day | 12.840% | 12.890% | MZN 800m | MZN 860m | MZN 800m |
| 364-day | 13.000% | 13.000% | MZN 500m | MZN 434m | MZN 434m |
Source: Banco de Moçambique result · weighted average subscription rate
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Afronomics (2026). Mozambique Treasury bill auction, 23 July 2025, compiled from the Banco de Moçambique. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/mozambique/2025-07-23
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