Uganda Treasury bills · auction of 18 February 2022
Uganda T-bill auction, 18 February 2022: 364-day at 9.70%, down 10 bps
At the Treasury bill auction dated 18 February 2022, the Bank of Uganda cleared the 91-day bill at 6.50% (unchanged), the 182-day bill at 8.40% (unchanged) and the 364-day bill at 9.70% (down 10 basis points). The rate shown is the money-market yield at the cut-off price.
Demand was strong: bids totalled UGX 462.0bn against UGX 220.0bn on offer, 210% of the amount sought, and UGX 215.2bn was accepted.
At 9.70%, the 364-day rate is the lowest in the 15 auctions of the past year.
A year earlier the 364-day bill cleared at 12.50%, so the government is paying 280 basis points less than twelve months ago.
What this means for UGX 10,000,000
Worked from the published rate · information, not advice
UGX 970,000 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 10,970,000 after 12 months: UGX 970,000 in interest before any withholding tax, about UGX 80,833 a month.
That is UGX 10,000 less than the same money would have earned at the previous auction.
For shorter money: UGX 420,000 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 10,970,000 baada ya miezi 12: riba ya UGX 970,000 kabla ya kodi yoyote ya zuio, yaani takriban UGX 80,833 kwa mwezi.
Hiyo ni UGX 10,000 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 | 6.501% | 6.501% | UGX 20.00bn | UGX 58.88bn | UGX 20.00bn |
| 182-day | 8.400% | 8.400% | UGX 40.00bn | UGX 66.17bn | UGX 35.17bn |
| 364-day | 9.700% | 9.800% | UGX 160.00bn | UGX 336.98bn | UGX 160.00bn |
Source: Bank of Uganda result · money-market yield at the cut-off price
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Afronomics (2026). Uganda Treasury bill auction, 18 February 2022, compiled from the Bank of Uganda. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/uganda/2022-02-18
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