At the Treasury bill auction dated 21 October 2026, the Banco de Moçambique cleared the 91-day bill at 12.19% (up 1 basis point), the 182-day bill at 12.15% (unchanged) and the 364-day bill at 12.10% (up 1 basis point). The rate shown is the weighted average subscription rate.
The auction was undersubscribed: bids totalled MZN 2.6bn against MZN 2.7bn on offer, 96% of the amount sought, and MZN 2.6bn was accepted.
Over the past year the 364-day rate has ranged from 12.09% to 12.46%.
A year earlier the 364-day bill cleared at 12.47%, so the government is paying 37 basis points less than twelve months ago.
What this means for MZN 100,000
Worked from the published rate · information, not advice
MZN 12,100 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 112,100 after 12 months: MZN 12,100 in interest before any withholding tax, about MZN 1,008 a month.
That is MZN 10 more than the same money would have earned at the previous auction.
For shorter money: MZN 6,075 on the 182-day bill (6 months), MZN 3,048 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 | 12.190% | 12.180% | MZN 2.10bn | MZN 2.08bn | MZN 2.08bn |
| 182-day | 12.150% | 12.150% | MZN 400m | MZN 374m | MZN 374m |
| 364-day | 12.100% | 12.090% | MZN 200m | MZN 134m | MZN 134m |
Source: Banco de Moçambique result · weighted average subscription rate
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Afronomics (2026). Mozambique Treasury bill auction, 21 October 2026, compiled from the Banco de Moçambique. Retrieved 4 November 2026, from https://www.afronomicsfeed.com/markets/tbills/mozambique/2026-10-21
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