Uganda Treasury bills · auction of 1 September 2022
Uganda T-bill auction, 1 September 2022: 364-day at 14.00%, up 50 bps
At the Treasury bill auction dated 1 September 2022, the Bank of Uganda cleared the 91-day bill at 9.00% (down 18 basis points), the 182-day bill at 11.50% (up 50 basis points) and the 364-day bill at 14.00% (up 50 basis points). The rate shown is the money-market yield at the cut-off price.
Demand was strong: bids totalled UGX 542.1bn against UGX 285.0bn on offer, 190% of the amount sought, and UGX 306.1bn was accepted.
At 14.00%, the 364-day rate is the highest in the 19 auctions of the past year.
A year earlier the 364-day bill cleared at 9.74%, so the government is paying 426 basis points more than twelve months ago.
What this means for UGX 10,000,000
Worked from the published rate · information, not advice
UGX 1,400,000 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 11,400,000 after 12 months: UGX 1,400,000 in interest before any withholding tax, about UGX 116,667 a month.
That is UGX 49,900 more than the same money would have earned at the previous auction.
For shorter money: UGX 574,950 on the 182-day bill (6 months), UGX 225,050 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 11,400,000 baada ya miezi 12: riba ya UGX 1,400,000 kabla ya kodi yoyote ya zuio, yaani takriban UGX 116,667 kwa mwezi.
Hiyo ni UGX 49,900 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 | 9.002% | 9.178% | UGX 25.00bn | UGX 56.39bn | UGX 7.46bn |
| 182-day | 11.499% | 11.001% | UGX 45.00bn | UGX 94.01bn | UGX 58.88bn |
| 364-day | 14.000% | 13.501% | UGX 215.00bn | UGX 391.67bn | UGX 239.79bn |
Source: Bank of Uganda result · money-market yield at the cut-off price
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Afronomics (2026). Uganda Treasury bill auction, 1 September 2022, compiled from the Bank of Uganda. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/uganda/2022-09-01
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