Mozambique Treasury bills · auction of 25 March 2026
Mozambique T-bill auction, 25 March 2026: 364-day at 12.25%, unchanged
At the Treasury bill auction dated 25 March 2026, the Banco de Moçambique cleared the 91-day bill at 12.11% (down 3 basis points), the 182-day bill at 12.16% (down 1 basis point) and the 364-day bill at 12.25% (unchanged). The rate shown is the weighted average subscription rate.
The auction was undersubscribed: bids totalled MZN 5.0bn against MZN 5.3bn on offer, 94% of the amount sought, and MZN 5.0bn was accepted.
Over the past year the 364-day rate has ranged from 12.15% to 13.27%.
A year earlier the 364-day bill cleared at 13.69%, so the government is paying 144 basis points less than twelve months ago.
What this means for MZN 100,000
Worked from the published rate · information, not advice
MZN 12,250 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 112,250 after 12 months: MZN 12,250 in interest before any withholding tax, about MZN 1,021 a month.
That is the same as at the previous auction.
For shorter money: MZN 6,080 on the 182-day bill (6 months), MZN 3,028 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 | 12.110% | 12.140% | MZN 2.60bn | MZN 2.37bn | MZN 2.37bn |
| 182-day | 12.160% | 12.170% | MZN 400m | MZN 369m | MZN 369m |
| 364-day | 12.250% | 12.250% | MZN 2.30bn | MZN 2.24bn | MZN 2.24bn |
Source: Banco de Moçambique result · weighted average subscription rate
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Afronomics (2026). Mozambique Treasury bill auction, 25 March 2026, compiled from the Banco de Moçambique. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/mozambique/2026-03-25
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