Mozambique Treasury bills · auction of 3 December 2025
Mozambique T-bill auction, 3 December 2025: 364-day at 12.15%, down 5 bps
At the Treasury bill auction dated 3 December 2025, the Banco de Moçambique cleared the 91-day bill at 11.87% (up 8 basis points), the 182-day bill at 12.10% (unchanged) and the 364-day bill at 12.15% (down 5 basis points). The rate shown is the weighted average subscription rate.
The auction was undersubscribed: bids totalled MZN 6.3bn against MZN 6.8bn on offer, 93% of the amount sought, and MZN 6.3bn was accepted.
At 12.15%, the 364-day rate is the lowest in the 56 auctions of the past year.
A year earlier the 364-day bill cleared at 14.41%, so the government is paying 226 basis points less than twelve months ago.
What this means for MZN 100,000
Worked from the published rate · information, not advice
MZN 12,150 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 112,150 after 12 months: MZN 12,150 in interest before any withholding tax, about MZN 1,013 a month.
That is MZN 50 less than the same money would have earned at the previous auction.
For shorter money: MZN 6,050 on the 182-day bill (6 months), MZN 2,967 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 | 11.870% | 11.790% | MZN 6.00bn | MZN 5.65bn | MZN 5.65bn |
| 182-day | 12.100% | 12.100% | MZN 400m | MZN 315m | MZN 315m |
| 364-day | 12.150% | 12.200% | MZN 400m | MZN 333m | MZN 333m |
Source: Banco de Moçambique result · weighted average subscription rate
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Afronomics (2026). Mozambique Treasury bill auction, 3 December 2025, compiled from the Banco de Moçambique. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/mozambique/2025-12-03
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