Mozambique Treasury bills · auction of 17 September 2025
Mozambique T-bill auction, 17 September 2025: 364-day at 12.26%, down 4 bps
At the Treasury bill auction dated 17 September 2025, the Banco de Moçambique cleared the 91-day bill at 11.80% (unchanged), the 182-day bill at 12.22% (unchanged) and the 364-day bill at 12.26% (down 4 basis points). The rate shown is the weighted average subscription rate.
The auction was undersubscribed: bids totalled MZN 6.9bn against MZN 8.1bn on offer, 85% of the amount sought, and MZN 6.9bn 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 15.20%, so the government is paying 294 basis points less than twelve months ago.
What this means for MZN 100,000
Worked from the published rate · information, not advice
MZN 12,260 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 112,260 after 12 months: MZN 12,260 in interest before any withholding tax, about MZN 1,022 a month.
That is MZN 40 less than the same money would have earned at the previous auction.
For shorter money: MZN 6,110 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% | 11.800% | MZN 6.30bn | MZN 5.71bn | MZN 5.71bn |
| 182-day | 12.220% | 12.222% | MZN 1.10bn | MZN 804m | MZN 804m |
| 364-day | 12.260% | 12.300% | MZN 700m | MZN 400m | MZN 400m |
Source: Banco de Moçambique result · weighted average subscription rate
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Afronomics (2026). Mozambique Treasury bill auction, 17 September 2025, compiled from the Banco de Moçambique. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/mozambique/2025-09-17
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