Mozambique Treasury bills · auction of 22 October 2025
Mozambique T-bill auction, 22 October 2025: 364-day at 12.50%, up 3 bps
At the Treasury bill auction dated 22 October 2025, the Banco de Moçambique cleared the 91-day bill at 11.83% (unchanged), the 182-day bill at 11.93% (unchanged) and the 364-day bill at 12.50% (up 3 basis points). The rate shown is the weighted average subscription rate.
The auction was undersubscribed: bids totalled MZN 4.0bn against MZN 4.6bn on offer, 88% of the amount sought, and MZN 4.0bn 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 14.43%, so the government is paying 193 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 30 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% | 11.830% | MZN 3.60bn | MZN 3.32bn | MZN 3.32bn |
| 182-day | 11.930% | 11.930% | MZN 300m | MZN 159m | MZN 159m |
| 364-day | 12.500% | 12.470% | MZN 700m | MZN 565m | MZN 565m |
Source: Banco de Moçambique result · weighted average subscription rate
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Afronomics (2026). Mozambique Treasury bill auction, 22 October 2025, compiled from the Banco de Moçambique. Retrieved 3 October 2026, from https://www.afronomicsfeed.com/markets/tbills/mozambique/2025-10-22
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