Mozambique Treasury bills · auction of 10 September 2025
Mozambique T-bill auction, 10 September 2025: 364-day at 12.30%, up 2 bps
At the Treasury bill auction dated 10 September 2025, the Banco de Moçambique cleared the 91-day bill at 11.80% (up 1 basis point), the 182-day bill at 12.22% (up 1 basis point) and the 364-day bill at 12.30% (up 2 basis points). The rate shown is the weighted average subscription rate.
The auction was undersubscribed: bids totalled MZN 6.1bn against MZN 6.7bn on offer, 91% of the amount sought, and MZN 6.0bn 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 15.03%, so the government is paying 273 basis points less than twelve months ago.
What this means for MZN 100,000
Worked from the published rate · information, not advice
MZN 12,300 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 112,300 after 12 months: MZN 12,300 in interest before any withholding tax, about MZN 1,025 a month.
That is MZN 20 more than the same money would have earned at the previous auction.
For shorter money: MZN 6,111 on the 182-day bill (6 months), MZN 2,950 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 | 11.800% | 11.790% | MZN 5.90bn | MZN 5.54bn | MZN 5.54bn |
| 182-day | 12.222% | 12.210% | MZN 700m | MZN 443m | MZN 443m |
| 364-day | 12.300% | 12.280% | MZN 100m | MZN 100m | MZN 10m |
Source: Banco de Moçambique result · weighted average subscription rate
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Afronomics (2026). Mozambique Treasury bill auction, 10 September 2025, compiled from the Banco de Moçambique. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/mozambique/2025-09-10
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