Uganda Treasury bills · auction of 22 November 2018
Uganda T-bill auction, 22 November 2018: 364-day at 12.75%, down 75 bps
At the Treasury bill auction dated 22 November 2018, the Bank of Uganda cleared the 91-day bill at 10.57% (down 23 basis points), the 182-day bill at 11.94% (down 46 basis points) and the 364-day bill at 12.75% (down 75 basis points). The rate shown is the money-market yield at the cut-off price.
Demand was strong: bids totalled UGX 532.5bn against UGX 195.0bn on offer, 273% of the amount sought, and UGX 195.0bn 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 9.30%, so the government is paying 345 basis points more than twelve months ago.
What this means for UGX 10,000,000
Worked from the published rate · information, not advice
UGX 1,275,000 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 11,275,000 after 12 months: UGX 1,275,000 in interest before any withholding tax, about UGX 106,250 a month.
That is UGX 75,100 less than the same money would have earned at the previous auction.
For shorter money: UGX 597,100 on the 182-day bill (6 months), UGX 264,300 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 11,275,000 baada ya miezi 12: riba ya UGX 1,275,000 kabla ya kodi yoyote ya zuio, yaani takriban UGX 106,250 kwa mwezi.
Hiyo ni UGX 75,100 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 | 10.572% | 10.800% | UGX 15.00bn | UGX 50.98bn | UGX 15.00bn |
| 182-day | 11.942% | 12.400% | UGX 35.00bn | UGX 95.50bn | UGX 35.00bn |
| 364-day | 12.750% | 13.501% | UGX 145.00bn | UGX 386.00bn | UGX 145.00bn |
Source: Bank of Uganda result · money-market yield at the cut-off price
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Afronomics (2026). Uganda Treasury bill auction, 22 November 2018, compiled from the Bank of Uganda. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/uganda/2018-11-22
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