Uganda Treasury bills · auction of 22 December 2022
Uganda T-bill auction, 22 December 2022: 364-day at 13.15%, down 135 bps
At the Treasury bill auction dated 22 December 2022, the Bank of Uganda cleared the 91-day bill at 10.66% (down 33 basis points), the 182-day bill at 11.66% (down 28 basis points) and the 364-day bill at 13.15% (down 135 basis points). The rate shown is the money-market yield at the cut-off price.
Demand was strong: bids totalled UGX 693.1bn against UGX 285.0bn on offer, 243% of the amount sought, and UGX 348.7bn 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 341 basis points more than twelve months ago.
What this means for UGX 10,000,000
Worked from the published rate · information, not advice
UGX 1,315,100 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 11,315,100 after 12 months: UGX 1,315,100 in interest before any withholding tax, about UGX 109,592 a month.
That is UGX 134,800 less than the same money would have earned at the previous auction.
For shorter money: UGX 582,950 on the 182-day bill (6 months), UGX 266,625 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 11,315,100 baada ya miezi 12: riba ya UGX 1,315,100 kabla ya kodi yoyote ya zuio, yaani takriban UGX 109,592 kwa mwezi.
Hiyo ni UGX 134,800 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 | 10.665% | 10.999% | UGX 25.00bn | UGX 53.10bn | UGX 20.71bn |
| 182-day | 11.659% | 11.942% | UGX 45.00bn | UGX 78.27bn | UGX 41.64bn |
| 364-day | 13.151% | 14.499% | UGX 215.00bn | UGX 561.74bn | UGX 286.37bn |
Source: Bank of Uganda result · money-market yield at the cut-off price
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Afronomics (2026). Uganda Treasury bill auction, 22 December 2022, compiled from the Bank of Uganda. Retrieved 3 October 2026, from https://www.afronomicsfeed.com/markets/tbills/uganda/2022-12-22
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