Uganda Treasury bills · auction of 13 September 2018
Uganda T-bill auction, 13 September 2018: 364-day at 12.80%, down 80 bps
At the Treasury bill auction dated 13 September 2018, the Bank of Uganda cleared the 91-day bill at 9.75% (down 25 basis points), the 182-day bill at 11.47% (down 9 basis points) and the 364-day bill at 12.80% (down 80 basis points). The rate shown is the money-market yield at the cut-off price.
Demand was strong: bids totalled UGX 454.2bn against UGX 170.0bn on offer, 267% of the amount sought, and UGX 170.0bn was accepted.
Over the past year the 364-day rate has ranged from 9.04% to 14.50%.
A year earlier the 364-day bill cleared at 11.30%, so the government is paying 150 basis points more than twelve months ago.
What this means for UGX 10,000,000
Worked from the published rate · information, not advice
UGX 1,280,000 in 12 months on the 364-day bill
Put UGX 10,000,000 into the 364-day bill at this auction and you get back UGX 11,280,000 after 12 months: UGX 1,280,000 in interest before any withholding tax, about UGX 106,667 a month.
That is UGX 79,700 less than the same money would have earned at the previous auction.
For shorter money: UGX 573,500 on the 182-day bill (6 months), UGX 243,725 on the 91-day bill (3 months).
The government pays the full amount at maturity; the risk is Uganda’s government not paying, and the money is locked until then.
Kwa Kiswahili
Ukiweka UGX 10,000,000 kwenye hati ya siku 364 kwa riba ya mnada huu, utarudishiwa UGX 11,280,000 baada ya miezi 12: riba ya UGX 1,280,000 kabla ya kodi yoyote ya zuio, yaani takriban UGX 106,667 kwa mwezi.
Hiyo ni UGX 79,700 pungufu ya kiasi ambacho pesa hiyo hiyo ingepata kwenye mnada uliopita.
Serikali hulipa yote mwishoni mwa muda; hatari ni serikali kushindwa kulipa, na pesa haipatikani hadi muda uishe.
Results
By tenor
| Tenor | Rate | Previous | Offered | Bids | Accepted |
|---|---|---|---|---|---|
| 91-day | 9.749% | 10.002% | UGX 10.00bn | UGX 30.51bn | UGX 10.00bn |
| 182-day | 11.470% | 11.564% | UGX 25.00bn | UGX 62.60bn | UGX 25.00bn |
| 364-day | 12.800% | 13.597% | UGX 135.00bn | UGX 361.11bn | UGX 135.00bn |
Source: Bank of Uganda result · money-market yield at the cut-off price
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Afronomics (2026). Uganda Treasury bill auction, 13 September 2018, compiled from the Bank of Uganda. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/uganda/2018-09-13
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