Mozambique Treasury bills · auction of 29 September 2025
Mozambique T-bill auction, 29 September 2025: 364-day at 12.41%, up 11 bps
At the Treasury bill auction dated 29 September 2025, the Banco de Moçambique cleared the 91-day bill at 11.82% (unchanged), the 182-day bill at 12.23% (down 1 basis point) and the 364-day bill at 12.41% (up 11 basis points). The rate shown is the weighted average subscription rate.
The auction was undersubscribed: bids totalled MZN 10.6bn against MZN 12.9bn on offer, 82% of the amount sought, and MZN 10.6bn 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 280 basis points less than twelve months ago.
What this means for MZN 100,000
Worked from the published rate · information, not advice
MZN 12,410 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 112,410 after 12 months: MZN 12,410 in interest before any withholding tax, about MZN 1,034 a month.
That is MZN 110 more than the same money would have earned at the previous auction.
For shorter money: MZN 6,115 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% | 11.820% | MZN 200m | MZN 26m | MZN 26m |
| 182-day | 12.230% | 12.240% | MZN 200m | MZN 46m | MZN 46m |
| 364-day | 12.410% | 12.300% | MZN 12.50bn | MZN 10.53bn | MZN 10.53bn |
Source: Banco de Moçambique result · weighted average subscription rate
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Afronomics (2026). Mozambique Treasury bill auction, 29 September 2025, compiled from the Banco de Moçambique. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/mozambique/2025-09-29
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