Uganda Treasury bills · auction of 20 July 2022
Uganda T-bill auction, 20 July 2022: 364-day at 12.50%, up 50 bps
At the Treasury bill auction dated 20 July 2022, the Bank of Uganda cleared the 91-day bill at 8.50% (unchanged), the 182-day bill at 10.25% (up 155 basis points) and the 364-day bill at 12.50% (up 50 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 285.0bn on offer, 162% of the amount sought, and UGX 262.4bn was accepted.
At 12.50%, the 364-day rate is the highest in the 16 auctions of the past year.
A year earlier the 364-day bill cleared at 9.74%, so the government is paying 276 basis points more than twelve months ago.
What this means for UGX 10,000,000
Worked from the published rate · information, not advice
UGX 1,250,000 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 11,250,000 after 12 months: UGX 1,250,000 in interest before any withholding tax, about UGX 104,167 a month.
That is UGX 50,000 more than the same money would have earned at the previous auction.
For shorter money: UGX 512,450 on the 182-day bill (6 months), UGX 212,475 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 11,250,000 baada ya miezi 12: riba ya UGX 1,250,000 kabla ya kodi yoyote ya zuio, yaani takriban UGX 104,167 kwa mwezi.
Hiyo ni UGX 50,000 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 | 8.499% | 8.499% | UGX 25.00bn | UGX 49.05bn | UGX 22.92bn |
| 182-day | 10.249% | 8.701% | UGX 45.00bn | UGX 99.00bn | UGX 73.87bn |
| 364-day | 12.500% | 12.000% | UGX 215.00bn | UGX 313.94bn | UGX 165.57bn |
Source: Bank of Uganda result · money-market yield at the cut-off price
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Afronomics (2026). Uganda Treasury bill auction, 20 July 2022, compiled from the Bank of Uganda. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/uganda/2022-07-20
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