Mozambique Treasury bills · auction of 12 November 2025
Mozambique T-bill auction, 12 November 2025: 364-day at 12.46%, unchanged
At the Treasury bill auction dated 12 November 2025, the Banco de Moçambique cleared the 91-day bill at 11.85% (up 2 basis points), the 182-day bill at 12.10% (unchanged) and the 364-day bill at 12.46% (unchanged). The rate shown is the weighted average subscription rate.
The auction was undersubscribed: bids totalled MZN 6.7bn against MZN 7.2bn on offer, 93% of the amount sought, and MZN 6.7bn 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 14.42%, so the government is paying 196 basis points less than twelve months ago.
What this means for MZN 100,000
Worked from the published rate · information, not advice
MZN 12,460 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 112,460 after 12 months: MZN 12,460 in interest before any withholding tax, about MZN 1,038 a month.
That is the same as at the previous auction.
For shorter money: MZN 6,050 on the 182-day bill (6 months), MZN 2,963 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 | 11.850% | 11.830% | MZN 6.80bn | MZN 6.61bn | MZN 6.61bn |
| 182-day | 12.100% | 12.100% | MZN 200m | MZN 15m | MZN 15m |
| 364-day | 12.460% | 12.460% | MZN 200m | MZN 53m | MZN 53m |
Source: Banco de Moçambique result · weighted average subscription rate
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Afronomics (2026). Mozambique Treasury bill auction, 12 November 2025, compiled from the Banco de Moçambique. Retrieved 3 October 2026, from https://www.afronomicsfeed.com/markets/tbills/mozambique/2025-11-12
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