Mozambique Treasury bills · auction of 22 September 2025
Mozambique T-bill auction, 22 September 2025: 91-day at 11.80%, unchanged
At the Treasury bill auction dated 22 September 2025, the Banco de Moçambique cleared the 91-day bill at 11.80% (unchanged) and the 182-day bill at 12.17% (down 5 basis points). The rate shown is the weighted average subscription rate.
The auction was undersubscribed: bids totalled MZN 4.0bn against MZN 4.5bn on offer, 90% of the amount sought, and MZN 4.0bn was accepted.
Over the past year the 91-day rate has ranged from 11.79% to 14.99%.
A year earlier the 91-day bill cleared at 14.99%, so the government is paying 319 basis points less than twelve months ago.
What this means for MZN 100,000
Worked from the published rate · information, not advice
MZN 6,085 in 6 months on the 182-day bill
Put MZN 100,000 into the 182-day bill at this auction and you get back MZN 106,085 after 6 months: MZN 6,085 in interest before any withholding tax, about MZN 1,014 a month.
That is MZN 25 less than the same money would have earned at the previous auction.
For shorter money: 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 4.20bn | MZN 4.00bn | MZN 4.00bn |
| 182-day | 12.170% | 12.220% | MZN 300m | MZN 50m | MZN 50m |
Source: Banco de Moçambique result · weighted average subscription rate
Cite or reuse this data
Free to quote, chart and republish with the credit “Source: Afronomics, compiled from the Banco de Moçambique” and a link to this page.
Afronomics (2026). Mozambique Treasury bill auction, 22 September 2025, compiled from the Banco de Moçambique. Retrieved 3 October 2026, from https://www.afronomicsfeed.com/markets/tbills/mozambique/2025-09-22
Free, every weekday at 7:00
The Afronomics Morning
Africa’s markets before 7am: the currencies that moved overnight, the auction results that landed, what is due today and the headlines that matter. Plus the Weekly every Monday.