Mozambique Treasury bills · auction of 4 February 2026
Mozambique T-bill auction, 4 February 2026: 364-day at 12.22%, up 1 bps
At the Treasury bill auction dated 4 February 2026, the Banco de Moçambique cleared the 91-day bill at 12.02% (unchanged), the 182-day bill at 12.10% (unchanged) and the 364-day bill at 12.22% (up 1 basis point). The rate shown is the weighted average subscription rate.
The auction was undersubscribed: bids totalled MZN 7.3bn against MZN 7.6bn on offer, 96% of the amount sought, and MZN 7.3bn 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 13.26%, so the government is paying 104 basis points less than twelve months ago.
What this means for MZN 100,000
Worked from the published rate · information, not advice
MZN 12,220 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 112,220 after 12 months: MZN 12,220 in interest before any withholding tax, about MZN 1,018 a month.
That is MZN 10 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 3,005 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 | 12.020% | 12.020% | MZN 4.90bn | MZN 4.82bn | MZN 4.82bn |
| 182-day | 12.100% | 12.100% | MZN 1.70bn | MZN 1.64bn | MZN 1.64bn |
| 364-day | 12.220% | 12.210% | MZN 1.00bn | MZN 846m | MZN 846m |
Source: Banco de Moçambique result · weighted average subscription rate
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Afronomics (2026). Mozambique Treasury bill auction, 4 February 2026, compiled from the Banco de Moçambique. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/mozambique/2026-02-04
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