Mozambique Treasury bills · auction of 2 October 2025
Mozambique T-bill auction, 2 October 2025: 364-day at 12.50%, up 16 bps
At the Treasury bill auction dated 2 October 2025, the Banco de Moçambique cleared the 182-day bill at 11.94% (unchanged) and the 364-day bill at 12.50% (up 16 basis points). The rate shown is the weighted average subscription rate.
The auction was fully subscribed: bids totalled MZN 950m against MZN 900m on offer, 106% of the amount sought, and MZN 950m 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 14.45%, so the government is paying 195 basis points less than twelve months ago.
What this means for MZN 100,000
Worked from the published rate · information, not advice
MZN 12,500 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 112,500 after 12 months: MZN 12,500 in interest before any withholding tax, about MZN 1,042 a month.
That is MZN 160 more 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% | 11.940% | MZN 50m | MZN 100m | MZN 100m |
| 364-day | 12.500% | 12.340% | MZN 850m | MZN 850m | MZN 850m |
Source: Banco de Moçambique result · weighted average subscription rate
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Afronomics (2026). Mozambique Treasury bill auction, 2 October 2025, compiled from the Banco de Moçambique. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/mozambique/2025-10-02
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