Mozambique Treasury bills · auction of 23 September 2025
Mozambique T-bill auction, 23 September 2025: 91-day at 11.80%, unchanged
At the Treasury bill auction dated 23 September 2025, the Banco de Moçambique cleared the 91-day bill at 11.80% (unchanged) and the 182-day bill at 12.22% (up 5 basis points). The rate shown is the weighted average subscription rate.
The auction was undersubscribed: bids totalled MZN 1.1bn against MZN 1.7bn on offer, 65% of the amount sought, and MZN 1.1bn was accepted.
Over the past year the 91-day rate has ranged from 11.79% to 14.54%.
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 6,110 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 106,110 after 6 months: MZN 6,110 in interest before any withholding tax, about MZN 1,018 a month.
That is MZN 25 more 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 1.10bn | MZN 805m | MZN 805m |
| 182-day | 12.220% | 12.170% | MZN 600m | MZN 300m | MZN 300m |
Source: Banco de Moçambique result · weighted average subscription rate
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Afronomics (2026). Mozambique Treasury bill auction, 23 September 2025, compiled from the Banco de Moçambique. Retrieved 3 October 2026, from https://www.afronomicsfeed.com/markets/tbills/mozambique/2025-09-23
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