Mozambique Treasury bills · auction of 3 September 2025
Mozambique T-bill auction, 3 September 2025: 364-day at 12.28%, up 1 bps
At the Treasury bill auction dated 3 September 2025, the Banco de Moçambique cleared the 91-day bill at 11.79% (unchanged), the 182-day bill at 12.21% (unchanged) and the 364-day bill at 12.28% (up 1 basis point). The rate shown is the weighted average subscription rate.
The auction was undersubscribed: bids totalled MZN 14.7bn against MZN 14.9bn on offer, 99% of the amount sought, and MZN 14.7bn was accepted.
Over the past year the 364-day rate has ranged from 12.20% to 15.21%.
A year earlier the 364-day bill cleared at 15.18%, so the government is paying 290 basis points less than twelve months ago.
What this means for MZN 100,000
Worked from the published rate · information, not advice
MZN 12,280 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 112,280 after 12 months: MZN 12,280 in interest before any withholding tax, about MZN 1,023 a month.
That is MZN 10 more than the same money would have earned at the previous auction.
For shorter money: MZN 6,105 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% | 11.790% | MZN 8.60bn | MZN 8.62bn | MZN 8.60bn |
| 182-day | 12.210% | 12.210% | MZN 6.00bn | MZN 5.88bn | MZN 5.88bn |
| 364-day | 12.280% | 12.270% | MZN 300m | MZN 237m | MZN 237m |
Source: Banco de Moçambique result · weighted average subscription rate
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Afronomics (2026). Mozambique Treasury bill auction, 3 September 2025, compiled from the Banco de Moçambique. Retrieved 3 October 2026, from https://www.afronomicsfeed.com/markets/tbills/mozambique/2025-09-03
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