Mozambique Treasury bills · auction of 15 October 2025
Mozambique T-bill auction, 15 October 2025: 364-day at 12.47%, up 24 bps
At the Treasury bill auction dated 15 October 2025, the Banco de Moçambique cleared the 91-day bill at 11.83% (up 1 basis point), the 182-day bill at 11.93% (unchanged) and the 364-day bill at 12.47% (up 24 basis points). The rate shown is the weighted average subscription rate.
The auction was undersubscribed: bids totalled MZN 5.3bn against MZN 5.8bn on offer, 91% of the amount sought, and MZN 5.3bn was accepted.
Over the past year the 364-day rate has ranged from 12.20% to 14.42%.
A year earlier the 364-day bill cleared at 14.45%, so the government is paying 198 basis points less than twelve months ago.
What this means for MZN 100,000
Worked from the published rate · information, not advice
MZN 12,470 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 112,470 after 12 months: MZN 12,470 in interest before any withholding tax, about MZN 1,039 a month.
That is MZN 240 more than the same money would have earned at the previous auction.
For shorter money: MZN 5,965 on the 182-day bill (6 months), MZN 2,958 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 | 11.830% | 11.820% | MZN 3.00bn | MZN 2.82bn | MZN 2.82bn |
| 182-day | 11.930% | 11.930% | MZN 500m | MZN 360m | MZN 360m |
| 364-day | 12.470% | 12.230% | MZN 2.30bn | MZN 2.11bn | MZN 2.11bn |
Source: Banco de Moçambique result · weighted average subscription rate
Cite or reuse this data
Free to quote, chart and republish with the credit “Source: Afronomics, compiled from the Banco de Moçambique” and a link to this page.
Afronomics (2026). Mozambique Treasury bill auction, 15 October 2025, compiled from the Banco de Moçambique. Retrieved 3 October 2026, from https://www.afronomicsfeed.com/markets/tbills/mozambique/2025-10-15
Free, every weekday at 7:00
The Afronomics Morning
Africa’s markets before 7am: the currencies that moved overnight, the auction results that landed, what is due today and the headlines that matter. Plus the Weekly every Monday.