Mozambique Treasury bills · auction of 25 February 2026
Mozambique T-bill auction, 25 February 2026: 364-day at 12.22%, unchanged
At the Treasury bill auction dated 25 February 2026, the Banco de Moçambique cleared the 91-day bill at 12.04% (unchanged), the 182-day bill at 12.11% (down 1 basis point) and the 364-day bill at 12.22% (unchanged). The rate shown is the weighted average subscription rate.
The auction was undersubscribed: bids totalled MZN 8.9bn against MZN 9.2bn on offer, 97% of the amount sought, and MZN 8.9bn 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 13.25%, so the government is paying 103 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 the same as at the previous auction.
For shorter money: MZN 6,055 on the 182-day bill (6 months), MZN 3,010 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 | 12.040% | 12.040% | MZN 5.40bn | MZN 5.31bn | MZN 5.31bn |
| 182-day | 12.110% | 12.120% | MZN 900m | MZN 822m | MZN 822m |
| 364-day | 12.220% | 12.220% | MZN 2.90bn | MZN 2.80bn | MZN 2.80bn |
Source: Banco de Moçambique result · weighted average subscription rate
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Afronomics (2026). Mozambique Treasury bill auction, 25 February 2026, compiled from the Banco de Moçambique. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/mozambique/2026-02-25
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