Uganda Treasury bills · auction of 24 November 2022
Uganda T-bill auction, 24 November 2022: 364-day at 15.30%, down 20 bps
At the Treasury bill auction dated 24 November 2022, the Bank of Uganda cleared the 91-day bill at 10.85% (down 18 basis points), the 182-day bill at 12.60% (down 65 basis points) and the 364-day bill at 15.30% (down 20 basis points). The rate shown is the money-market yield at the cut-off price.
Demand was strong: bids totalled UGX 718.3bn against UGX 285.0bn on offer, 252% of the amount sought, and UGX 515.2bn was accepted.
Over the past year the 364-day rate has ranged from 8.90% to 15.50%.
A year earlier the 364-day bill cleared at 9.74%, so the government is paying 556 basis points more than twelve months ago.
What this means for UGX 10,000,000
Worked from the published rate · information, not advice
UGX 1,530,000 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 11,530,000 after 12 months: UGX 1,530,000 in interest before any withholding tax, about UGX 127,500 a month.
That is UGX 20,000 less than the same money would have earned at the previous auction.
For shorter money: UGX 630,050 on the 182-day bill (6 months), UGX 271,275 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 11,530,000 baada ya miezi 12: riba ya UGX 1,530,000 kabla ya kodi yoyote ya zuio, yaani takriban UGX 127,500 kwa mwezi.
Hiyo ni UGX 20,000 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 | 10.851% | 11.033% | UGX 25.00bn | UGX 42.13bn | UGX 15.10bn |
| 182-day | 12.601% | 13.249% | UGX 45.00bn | UGX 69.44bn | UGX 24.31bn |
| 364-day | 15.300% | 15.500% | UGX 215.00bn | UGX 606.70bn | UGX 475.83bn |
Source: Bank of Uganda result · money-market yield at the cut-off price
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Afronomics (2026). Uganda Treasury bill auction, 24 November 2022, compiled from the Bank of Uganda. Retrieved 3 October 2026, from https://www.afronomicsfeed.com/markets/tbills/uganda/2022-11-24
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