At the Treasury bill auction dated 16 July 2020, the Bank of Uganda cleared the 91-day bill at 8.68% (unchanged), the 182-day bill at 10.00% (down 25 basis points) and the 364-day bill at 12.00% (unchanged). The rate shown is the money-market yield at the cut-off price.
Demand was strong: bids totalled UGX 405.6bn against UGX 245.0bn on offer, 166% of the amount sought, and UGX 307.8bn was accepted.
Over the past year the 364-day rate has ranged from 11.75% to 12.50%.
A year earlier the 364-day bill cleared at 11.55%, so the government is paying 45 basis points more than twelve months ago.
What this means for UGX 10,000,000
Worked from the published rate · information, not advice
UGX 1,200,000 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 11,200,000 after 12 months: UGX 1,200,000 in interest before any withholding tax, about UGX 100,000 a month.
That is the same as at the previous auction.
For shorter money: UGX 499,950 on the 182-day bill (6 months), UGX 216,975 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 11,200,000 baada ya miezi 12: riba ya UGX 1,200,000 kabla ya kodi yoyote ya zuio, yaani takriban UGX 100,000 kwa mwezi.
Ni sawa na 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 | 8.679% | 8.683% | UGX 15.00bn | UGX 12.09bn | UGX 11.09bn |
| 182-day | 9.999% | 10.249% | UGX 35.00bn | UGX 92.84bn | UGX 35.83bn |
| 364-day | 12.000% | 12.000% | UGX 195.00bn | UGX 300.67bn | UGX 260.92bn |
Source: Bank of Uganda result · money-market yield at the cut-off price
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Afronomics (2026). Uganda Treasury bill auction, 16 July 2020, compiled from the Bank of Uganda. Retrieved 5 November 2026, from https://www.afronomicsfeed.com/markets/tbills/uganda/2020-07-16
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