Mozambique Treasury bills · auction of 10 December 2025
Mozambique T-bill auction, 10 December 2025: 364-day at 12.16%, up 1 bps
At the Treasury bill auction dated 10 December 2025, the Banco de Moçambique cleared the 91-day bill at 11.95% (up 8 basis points), the 182-day bill at 12.08% (down 2 basis points) and the 364-day bill at 12.16% (up 1 basis point). The rate shown is the weighted average subscription rate.
The auction was undersubscribed: bids totalled MZN 9.1bn against MZN 9.5bn on offer, 95% of the amount sought, and MZN 9.1bn was accepted.
Over the past year the 364-day rate has ranged from 12.15% to 13.80%.
A year earlier the 364-day bill cleared at 13.76%, so the government is paying 160 basis points less than twelve months ago.
What this means for MZN 100,000
Worked from the published rate · information, not advice
MZN 12,160 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 112,160 after 12 months: MZN 12,160 in interest before any withholding tax, about MZN 1,013 a month.
That is MZN 10 more than the same money would have earned at the previous auction.
For shorter money: MZN 6,040 on the 182-day bill (6 months), MZN 2,988 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 | 11.950% | 11.870% | MZN 7.50bn | MZN 7.25bn | MZN 7.25bn |
| 182-day | 12.080% | 12.100% | MZN 1.00bn | MZN 939m | MZN 939m |
| 364-day | 12.160% | 12.150% | MZN 1.00bn | MZN 879m | MZN 879m |
Source: Banco de Moçambique result · weighted average subscription rate
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Afronomics (2026). Mozambique Treasury bill auction, 10 December 2025, compiled from the Banco de Moçambique. Retrieved 3 October 2026, from https://www.afronomicsfeed.com/markets/tbills/mozambique/2025-12-10
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