Uganda Treasury bills · auction of 23 December 2021
Uganda T-bill auction, 23 December 2021: 364-day at 10.40%, up 66 bps
At the Treasury bill auction dated 23 December 2021, the Bank of Uganda cleared the 91-day bill at 6.50% (down 27 basis points), the 182-day bill at 8.46% (down 33 basis points) and the 364-day bill at 10.40% (up 66 basis points). The rate shown is the money-market yield at the cut-off price.
Demand was strong: bids totalled UGX 384.7bn against UGX 220.0bn on offer, 175% of the amount sought, and UGX 274.7bn was accepted.
Over the past year the 364-day rate has ranged from 9.74% to 14.35%.
A year earlier the 364-day bill cleared at 13.50%, so the government is paying 309 basis points less than twelve months ago.
What this means for UGX 10,000,000
Worked from the published rate · information, not advice
UGX 1,040,400 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 11,040,400 after 12 months: UGX 1,040,400 in interest before any withholding tax, about UGX 86,700 a month.
That is UGX 66,400 more than the same money would have earned at the previous auction.
For shorter money: UGX 423,250 on the 182-day bill (6 months), UGX 162,525 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 11,040,400 baada ya miezi 12: riba ya UGX 1,040,400 kabla ya kodi yoyote ya zuio, yaani takriban UGX 86,700 kwa mwezi.
Hiyo ni UGX 66,400 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 | 6.501% | 6.771% | UGX 20.00bn | UGX 37.64bn | UGX 21.64bn |
| 182-day | 8.465% | 8.799% | UGX 40.00bn | UGX 62.85bn | UGX 29.85bn |
| 364-day | 10.404% | 9.740% | UGX 160.00bn | UGX 284.24bn | UGX 223.24bn |
Source: Bank of Uganda result · money-market yield at the cut-off price
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Afronomics (2026). Uganda Treasury bill auction, 23 December 2021, compiled from the Bank of Uganda. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/uganda/2021-12-23
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