Mozambique Treasury bills · auction of 27 February 2026
Mozambique T-bill auction, 27 February 2026: 91-day at 12.00%, down 4 bps
At the Treasury bill auction dated 27 February 2026, the Banco de Moçambique cleared the 91-day bill at 12.00% (down 4 basis points) and the 182-day bill at 12.11% (unchanged). The rate shown is the weighted average subscription rate.
The auction was undersubscribed: bids totalled MZN 2.4bn against MZN 2.5bn on offer, 95% of the amount sought, and MZN 2.4bn was accepted.
Over the past year the 91-day rate has ranged from 11.75% to 14.54%.
A year earlier the 91-day bill cleared at 13.05%, so the government is paying 105 basis points less than twelve months ago.
What this means for MZN 100,000
Worked from the published rate · information, not advice
MZN 6,055 in 6 months on the 182-day bill
Put MZN 100,000 into the 182-day bill at this auction and you get back MZN 106,055 after 6 months: MZN 6,055 in interest before any withholding tax, about MZN 1,009 a month.
That is the same as at the previous auction.
For shorter money: 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% | 12.040% | MZN 2.40bn | MZN 2.36bn | MZN 2.36bn |
| 182-day | 12.110% | 12.110% | MZN 100m | MZN 5m | MZN 5m |
Source: Banco de Moçambique result · weighted average subscription rate
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Afronomics (2026). Mozambique Treasury bill auction, 27 February 2026, compiled from the Banco de Moçambique. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/mozambique/2026-02-27
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