Uganda Treasury bills · auction of 3 January 2019
Uganda T-bill auction, 3 January 2019: 364-day at 13.50%, up 75 bps
At the Treasury bill auction dated 3 January 2019, the Bank of Uganda cleared the 91-day bill at 10.57% (up 19 basis points), the 182-day bill at 11.85% (up 19 basis points) and the 364-day bill at 13.50% (up 75 basis points). The rate shown is the money-market yield at the cut-off price.
Demand was strong: bids totalled UGX 475.5bn against UGX 220.0bn on offer, 216% of the amount sought, and UGX 220.0bn 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 9.25%, so the government is paying 425 basis points more than twelve months ago.
What this means for UGX 10,000,000
Worked from the published rate · information, not advice
UGX 1,350,100 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 11,350,100 after 12 months: UGX 1,350,100 in interest before any withholding tax, about UGX 112,508 a month.
That is UGX 75,200 more than the same money would have earned at the previous auction.
For shorter money: UGX 592,400 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 11,350,100 baada ya miezi 12: riba ya UGX 1,350,100 kabla ya kodi yoyote ya zuio, yaani takriban UGX 112,508 kwa mwezi.
Hiyo ni UGX 75,200 zaidi 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% | 10.386% | UGX 15.00bn | UGX 23.30bn | UGX 15.00bn |
| 182-day | 11.848% | 11.659% | UGX 35.00bn | UGX 55.94bn | UGX 35.00bn |
| 364-day | 13.501% | 12.749% | UGX 170.00bn | UGX 396.30bn | UGX 170.00bn |
Source: Bank of Uganda result · money-market yield at the cut-off price
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Afronomics (2026). Uganda Treasury bill auction, 3 January 2019, compiled from the Bank of Uganda. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/uganda/2019-01-03
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