Mozambique Treasury bills · auction of 24 September 2025
Mozambique T-bill auction, 24 September 2025: 364-day at 12.30%, up 4 bps
At the Treasury bill auction dated 24 September 2025, the Banco de Moçambique cleared the 91-day bill at 11.82% (up 2 basis points), the 182-day bill at 12.24% (up 2 basis points) and the 364-day bill at 12.30% (up 4 basis points). The rate shown is the weighted average subscription rate.
The auction was undersubscribed: bids totalled MZN 3.3bn against MZN 3.9bn on offer, 83% of the amount sought, and MZN 3.3bn was accepted.
Over the past year the 364-day rate has ranged from 12.20% to 14.45%.
A year earlier the 364-day bill cleared at 15.21%, so the government is paying 291 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 40 more than the same money would have earned at the previous auction.
For shorter money: MZN 6,120 on the 182-day bill (6 months), MZN 2,955 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 | 11.820% | 11.800% | MZN 1.40bn | MZN 1.19bn | MZN 1.19bn |
| 182-day | 12.240% | 12.220% | MZN 2.20bn | MZN 2.00bn | MZN 2.00bn |
| 364-day | 12.300% | 12.260% | MZN 300m | MZN 66m | MZN 66m |
Source: Banco de Moçambique result · weighted average subscription rate
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Afronomics (2026). Mozambique Treasury bill auction, 24 September 2025, compiled from the Banco de Moçambique. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/mozambique/2025-09-24
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