Mozambique Treasury bills · auction of 21 January 2026
Mozambique T-bill auction, 21 January 2026: 364-day at 12.21%, unchanged
At the Treasury bill auction dated 21 January 2026, the Banco de Moçambique cleared the 91-day bill at 12.05% (unchanged), the 182-day bill at 12.10% (unchanged) and the 364-day bill at 12.21% (unchanged). The rate shown is the weighted average subscription rate.
The auction was undersubscribed: bids totalled MZN 2.1bn against MZN 2.5bn on offer, 84% of the amount sought, and MZN 2.1bn was accepted.
Over the past year the 364-day rate has ranged from 12.15% to 13.69%.
A year earlier the 364-day bill cleared at 13.80%, so the government is paying 159 basis points less than twelve months ago.
What this means for MZN 100,000
Worked from the published rate · information, not advice
MZN 12,210 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 112,210 after 12 months: MZN 12,210 in interest before any withholding tax, about MZN 1,018 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 3,013 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 | 12.050% | 12.050% | MZN 500m | MZN 320m | MZN 320m |
| 182-day | 12.100% | 12.100% | MZN 1.70bn | MZN 1.62bn | MZN 1.62bn |
| 364-day | 12.210% | 12.210% | MZN 300m | MZN 153m | MZN 153m |
Source: Banco de Moçambique result · weighted average subscription rate
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Afronomics (2026). Mozambique Treasury bill auction, 21 January 2026, compiled from the Banco de Moçambique. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/mozambique/2026-01-21
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