Uganda Treasury bills · auction of 18 August 2022
Uganda T-bill auction, 18 August 2022: 364-day at 13.50%, unchanged
At the Treasury bill auction dated 18 August 2022, the Bank of Uganda cleared the 91-day bill at 9.18% (up 68 basis points), the 182-day bill at 11.00% (up 100 basis points) and the 364-day bill at 13.50% (unchanged). The rate shown is the money-market yield at the cut-off price.
Demand was strong: bids totalled UGX 491.4bn against UGX 285.0bn on offer, 172% of the amount sought, and UGX 218.7bn was accepted.
At 13.50%, the 364-day rate is the highest in the 18 auctions of the past year.
A year earlier the 364-day bill cleared at 9.74%, so the government is paying 376 basis points more than twelve months ago.
What this means for UGX 10,000,000
Worked from the published rate · information, not advice
UGX 1,350,100 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 11,350,100 after 12 months: UGX 1,350,100 in interest before any withholding tax, about UGX 112,508 a month.
That is the same as at the previous auction.
For shorter money: UGX 550,050 on the 182-day bill (6 months), UGX 229,450 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 11,350,100 baada ya miezi 12: riba ya UGX 1,350,100 kabla ya kodi yoyote ya zuio, yaani takriban UGX 112,508 kwa mwezi.
Ni sawa na 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 | 9.178% | 8.499% | UGX 25.00bn | UGX 66.35bn | UGX 5.72bn |
| 182-day | 11.001% | 9.999% | UGX 45.00bn | UGX 93.06bn | UGX 47.93bn |
| 364-day | 13.501% | 13.501% | UGX 215.00bn | UGX 332.01bn | UGX 165.01bn |
Source: Bank of Uganda result · money-market yield at the cut-off price
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Afronomics (2026). Uganda Treasury bill auction, 18 August 2022, compiled from the Bank of Uganda. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/uganda/2022-08-18
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