Mozambique Treasury bills · auction of 20 August 2025
Mozambique T-bill auction, 20 August 2025: 364-day at 12.20%, unchanged
At the Treasury bill auction dated 20 August 2025, the Banco de Moçambique cleared the 91-day bill at 11.79% (down 1 basis point), the 182-day bill at 12.22% (down 1 basis point) and the 364-day bill at 12.20% (unchanged). The rate shown is the weighted average subscription rate.
The auction was undersubscribed: bids totalled MZN 13.2bn against MZN 13.5bn on offer, 98% of the amount sought, and MZN 13.2bn was accepted.
At 12.20%, the 364-day rate is the lowest in the 52 auctions of the past year.
A year earlier the 364-day bill cleared at 15.09%, so the government is paying 289 basis points less than twelve months ago.
What this means for MZN 100,000
Worked from the published rate · information, not advice
MZN 12,200 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 112,200 after 12 months: MZN 12,200 in interest before any withholding tax, about MZN 1,017 a month.
That is the same as at the previous auction.
For shorter money: MZN 6,110 on the 182-day bill (6 months), MZN 2,948 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 | 11.790% | 11.800% | MZN 8.00bn | MZN 7.91bn | MZN 7.91bn |
| 182-day | 12.220% | 12.230% | MZN 4.40bn | MZN 4.28bn | MZN 4.28bn |
| 364-day | 12.200% | 12.200% | MZN 1.10bn | MZN 1.02bn | MZN 1.02bn |
Source: Banco de Moçambique result · weighted average subscription rate
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Afronomics (2026). Mozambique Treasury bill auction, 20 August 2025, compiled from the Banco de Moçambique. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/mozambique/2025-08-20
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