Mozambique Treasury bills · auction of 1 October 2025
Mozambique T-bill auction, 1 October 2025: 364-day at 12.34%, down 7 bps
At the Treasury bill auction dated 1 October 2025, the Banco de Moçambique cleared the 182-day bill at 11.94% (down 29 basis points) and the 364-day bill at 12.34% (down 7 basis points). The rate shown is the weighted average subscription rate.
The auction was undersubscribed: bids totalled MZN 3.1bn against MZN 3.6bn on offer, 86% of the amount sought, and MZN 3.1bn was accepted.
Over the past year the 364-day rate has ranged from 12.20% to 14.43%.
A year earlier the 364-day bill cleared at 15.21%, so the government is paying 287 basis points less than twelve months ago.
What this means for MZN 100,000
Worked from the published rate · information, not advice
MZN 12,340 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 112,340 after 12 months: MZN 12,340 in interest before any withholding tax, about MZN 1,028 a month.
That is MZN 70 less than the same money would have earned at the previous auction.
For shorter money: MZN 5,970 on the 182-day bill (6 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 |
|---|---|---|---|---|---|
| 182-day | 11.940% | 12.230% | MZN 2.00bn | MZN 1.74bn | MZN 1.74bn |
| 364-day | 12.340% | 12.410% | MZN 1.60bn | MZN 1.36bn | MZN 1.36bn |
Source: Banco de Moçambique result · weighted average subscription rate
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Afronomics (2026). Mozambique Treasury bill auction, 1 October 2025, compiled from the Banco de Moçambique. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/mozambique/2025-10-01
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