Mozambique Treasury bills · auction of 28 July 2025
Mozambique T-bill auction, 28 July 2025: 364-day at 12.99%, down 1 bps
At the Treasury bill auction dated 28 July 2025, the Banco de Moçambique cleared the 91-day bill at 12.52% (up 2 basis points), the 182-day bill at 12.85% (up 1 basis point) and the 364-day bill at 12.99% (down 1 basis point). The rate shown is the weighted average subscription rate.
The auction was undersubscribed: bids totalled MZN 3.3bn against MZN 3.4bn on offer, 96% of the amount sought, and MZN 3.2bn 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 341 basis points less than twelve months ago.
What this means for MZN 100,000
Worked from the published rate · information, not advice
MZN 12,990 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 112,990 after 12 months: MZN 12,990 in interest before any withholding tax, about MZN 1,083 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 3,130 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 | 12.520% | 12.500% | MZN 1.30bn | MZN 1.23bn | MZN 1.23bn |
| 182-day | 12.850% | 12.840% | MZN 500m | MZN 512m | MZN 500m |
| 364-day | 12.990% | 13.000% | MZN 1.60bn | MZN 1.52bn | MZN 1.52bn |
Source: Banco de Moçambique result · weighted average subscription rate
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Afronomics (2026). Mozambique Treasury bill auction, 28 July 2025, compiled from the Banco de Moçambique. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/mozambique/2025-07-28
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