Uganda Treasury bills · auction of 28 April 2022
Uganda T-bill auction, 28 April 2022: 364-day at 8.90%, down 28 bps
At the Treasury bill auction dated 28 April 2022, the Bank of Uganda cleared the 91-day bill at 6.60% (up 10 basis points), the 182-day bill at 8.00% (down 4 basis points) and the 364-day bill at 8.90% (down 28 basis points). The rate shown is the money-market yield at the cut-off price.
Demand was strong: bids totalled UGX 371.1bn against UGX 205.0bn on offer, 181% of the amount sought, and UGX 207.4bn was accepted.
At 8.90%, the 364-day rate is the lowest in the 15 auctions of the past year.
A year earlier the 364-day bill cleared at 11.73%, so the government is paying 283 basis points less than twelve months ago.
What this means for UGX 10,000,000
Worked from the published rate · information, not advice
UGX 889,900 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 10,889,900 after 12 months: UGX 889,900 in interest before any withholding tax, about UGX 74,158 a month.
That is UGX 28,100 less than the same money would have earned at the previous auction.
For shorter money: UGX 400,000 on the 182-day bill (6 months), UGX 165,025 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 10,889,900 baada ya miezi 12: riba ya UGX 889,900 kabla ya kodi yoyote ya zuio, yaani takriban UGX 74,158 kwa mwezi.
Hiyo ni UGX 28,100 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 | 6.601% | 6.501% | UGX 15.00bn | UGX 38.20bn | UGX 12.80bn |
| 182-day | 8.000% | 8.039% | UGX 30.00bn | UGX 57.42bn | UGX 31.67bn |
| 364-day | 8.899% | 9.180% | UGX 160.00bn | UGX 275.52bn | UGX 162.90bn |
Source: Bank of Uganda result · money-market yield at the cut-off price
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Afronomics (2026). Uganda Treasury bill auction, 28 April 2022, compiled from the Bank of Uganda. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/uganda/2022-04-28
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