Uganda Treasury bills · auction of 15 January 2021
Uganda T-bill auction, 15 January 2021: 364-day at 14.35%, up 35 bps
At the Treasury bill auction dated 15 January 2021, the Bank of Uganda cleared the 91-day bill at 8.71% (up 21 basis points), the 182-day bill at 11.00% (up 10 basis points) and the 364-day bill at 14.35% (up 35 basis points). The rate shown is the money-market yield at the cut-off price.
Demand was strong: bids totalled UGX 464.1bn against UGX 245.0bn on offer, 189% of the amount sought, and UGX 304.2bn was accepted.
At 14.35%, the 364-day rate is the highest in the 15 auctions of the past year.
A year earlier the 364-day bill cleared at 11.55%, so the government is paying 280 basis points more than twelve months ago.
What this means for UGX 10,000,000
Worked from the published rate · information, not advice
UGX 1,435,000 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 11,435,000 after 12 months: UGX 1,435,000 in interest before any withholding tax, about UGX 119,583 a month.
That is UGX 35,000 more than the same money would have earned at the previous auction.
For shorter money: UGX 549,800 on the 182-day bill (6 months), UGX 217,825 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 11,435,000 baada ya miezi 12: riba ya UGX 1,435,000 kabla ya kodi yoyote ya zuio, yaani takriban UGX 119,583 kwa mwezi.
Hiyo ni UGX 35,000 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 | 8.713% | 8.499% | UGX 15.00bn | UGX 21.06bn | UGX 6.66bn |
| 182-day | 10.996% | 10.900% | UGX 35.00bn | UGX 53.16bn | UGX 14.16bn |
| 364-day | 14.350% | 14.000% | UGX 195.00bn | UGX 389.89bn | UGX 283.42bn |
Source: Bank of Uganda result · money-market yield at the cut-off price
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Afronomics (2026). Uganda Treasury bill auction, 15 January 2021, compiled from the Bank of Uganda. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/uganda/2021-01-15
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