Mozambique Treasury bills · auction of 9 September 2026
Mozambique T-bill auction, 9 September 2026: 364-day at 12.09%, down 5 bps
At the Treasury bill auction dated 9 September 2026, the Banco de Moçambique cleared the 91-day bill at 12.10% (down 1 basis point), the 182-day bill at 12.17% (down 2 basis points) and the 364-day bill at 12.09% (down 5 basis points). The rate shown is the weighted average subscription rate.
The auction was undersubscribed: bids totalled MZN 8.1bn against MZN 8.8bn on offer, 92% of the amount sought, and MZN 6.3bn was accepted.
At 12.09%, the 364-day rate is the lowest in the 51 auctions of the past year.
A year earlier the 364-day bill cleared at 12.28%, so the government is paying 19 basis points less than twelve months ago.
What this means for MZN 100,000
Worked from the published rate · information, not advice
MZN 12,090 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 112,090 after 12 months: MZN 12,090 in interest before any withholding tax, about MZN 1,008 a month.
That is MZN 50 less than the same money would have earned at the previous auction.
For shorter money: MZN 6,085 on the 182-day bill (6 months), MZN 3,025 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 | 12.100% | 12.110% | MZN 7.00bn | MZN 7.10bn | MZN 5.27bn |
| 182-day | 12.170% | 12.190% | MZN 1.35bn | MZN 827m | MZN 827m |
| 364-day | 12.090% | 12.140% | MZN 500m | MZN 205m | MZN 205m |
Source: Banco de Moçambique result · weighted average subscription rate
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Afronomics (2026). Mozambique Treasury bill auction, 9 September 2026, compiled from the Banco de Moçambique. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/mozambique/2026-09-09
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