Mozambique Treasury bills · auction of 26 November 2025
Mozambique T-bill auction, 26 November 2025: 91-day at 11.75%, down 4 bps
At the Treasury bill auction dated 26 November 2025, the Banco de Moçambique cleared the 91-day bill at 11.75% (down 4 basis points) and the 182-day bill at 12.02% (up 3 basis points). The rate shown is the weighted average subscription rate.
The auction was undersubscribed: bids totalled MZN 413m against MZN 600m on offer, 69% of the amount sought, and MZN 413m was accepted.
At 11.75%, the 91-day rate is the lowest in the 56 auctions of the past year.
A year earlier the 91-day bill cleared at 14.12%, so the government is paying 237 basis points less than twelve months ago.
What this means for MZN 100,000
Worked from the published rate · information, not advice
MZN 6,010 in 6 months on the 182-day bill
Put MZN 100,000 into the 182-day bill at this auction and you get back MZN 106,010 after 6 months: MZN 6,010 in interest before any withholding tax, about MZN 1,002 a month.
That is MZN 15 more than the same money would have earned at the previous auction.
For shorter money: MZN 2,938 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 | 11.750% | 11.790% | MZN 400m | MZN 370m | MZN 370m |
| 182-day | 12.020% | 11.990% | MZN 200m | MZN 43m | MZN 43m |
Source: Banco de Moçambique result · weighted average subscription rate
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Afronomics (2026). Mozambique Treasury bill auction, 26 November 2025, compiled from the Banco de Moçambique. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/mozambique/2025-11-26
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