Mozambique Treasury bills · auction of 17 December 2025
Mozambique T-bill auction, 17 December 2025: 364-day at 12.18%, up 2 bps
At the Treasury bill auction dated 17 December 2025, the Banco de Moçambique cleared the 91-day bill at 12.00% (up 5 basis points), the 182-day bill at 12.10% (up 2 basis points) and the 364-day bill at 12.18% (up 2 basis points). The rate shown is the weighted average subscription rate.
The auction was undersubscribed: bids totalled MZN 9.4bn against MZN 9.7bn on offer, 97% of the amount sought, and MZN 9.4bn 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 13.79%, so the government is paying 161 basis points less than twelve months ago.
What this means for MZN 100,000
Worked from the published rate · information, not advice
MZN 12,180 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 112,180 after 12 months: MZN 12,180 in interest before any withholding tax, about MZN 1,015 a month.
That is MZN 20 more 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 3,000 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 | 12.000% | 11.950% | MZN 9.10bn | MZN 8.99bn | MZN 8.99bn |
| 182-day | 12.100% | 12.080% | MZN 100m | MZN 24m | MZN 24m |
| 364-day | 12.180% | 12.160% | MZN 500m | MZN 386m | MZN 386m |
Source: Banco de Moçambique result · weighted average subscription rate
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Afronomics (2026). Mozambique Treasury bill auction, 17 December 2025, compiled from the Banco de Moçambique. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/mozambique/2025-12-17
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