Mozambique Treasury bills · auction of 23 September 2026
Mozambique T-bill auction, 23 September 2026: 364-day at 12.09%, unchanged
At the Treasury bill auction dated 23 September 2026, the Banco de Moçambique cleared the 91-day bill at 12.07% (up 2 basis points), the 182-day bill at 12.15% (down 2 basis points) and the 364-day bill at 12.09% (unchanged). The rate shown is the weighted average subscription rate.
The auction was undersubscribed: bids totalled MZN 4.9bn against MZN 5.1bn on offer, 97% of the amount sought, and MZN 4.3bn 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 12.26%, so the government is paying 17 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 the same as at the previous auction.
For shorter money: MZN 6,075 on the 182-day bill (6 months), MZN 3,018 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 | 12.070% | 12.050% | MZN 4.00bn | MZN 4.72bn | MZN 4.10bn |
| 182-day | 12.150% | 12.170% | MZN 600m | MZN 186m | MZN 155m |
| 364-day | 12.090% | 12.090% | MZN 500m | MZN 30m | MZN 30m |
Source: Banco de Moçambique result · weighted average subscription rate
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Afronomics (2026). Mozambique Treasury bill auction, 23 September 2026, compiled from the Banco de Moçambique. Retrieved 3 October 2026, from https://www.afronomicsfeed.com/markets/tbills/mozambique/2026-09-23
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