Mozambique Treasury bills · auction of 23 March 2026
Mozambique T-bill auction, 23 March 2026: 91-day at 12.10%, unchanged
At the Treasury bill auction dated 23 March 2026, the Banco de Moçambique cleared the 91-day bill at 12.10% (unchanged). The rate shown is the weighted average subscription rate.
The auction was undersubscribed: bids totalled MZN 2.9bn against MZN 3.0bn on offer, 97% of the amount sought, and MZN 2.9bn 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 13.06%, so the government is paying 96 basis points less than twelve months ago.
What this means for MZN 100,000
Worked from the published rate · information, not advice
MZN 3,025 in 3 months on the 91-day bill
Put MZN 100,000 into the 91-day bill at this auction and you get back MZN 103,025 after 3 months: MZN 3,025 in interest before any withholding tax, about MZN 1,008 a month.
That is the same as at the previous auction.
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 | 12.100% | 12.100% | MZN 3.00bn | MZN 2.91bn | MZN 2.91bn |
Source: Banco de Moçambique result · weighted average subscription rate
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Afronomics (2026). Mozambique Treasury bill auction, 23 March 2026, compiled from the Banco de Moçambique. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/mozambique/2026-03-23
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