Uganda Treasury bills · auction of 16 March 2023
Uganda T-bill auction, 16 March 2023: 364-day at 13.00%, up 70 bps
At the Treasury bill auction dated 16 March 2023, the Bank of Uganda cleared the 91-day bill at 10.00% (unchanged), the 182-day bill at 10.25% (unchanged) and the 364-day bill at 13.00% (up 70 basis points). The rate shown is the money-market yield at the cut-off price.
Demand was strong: bids totalled UGX 466.3bn against UGX 215.0bn on offer, 217% of the amount sought, and UGX 333.9bn 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 9.70%, so the government is paying 330 basis points more than twelve months ago.
What this means for UGX 10,000,000
Worked from the published rate · information, not advice
UGX 1,300,100 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 11,300,100 after 12 months: UGX 1,300,100 in interest before any withholding tax, about UGX 108,342 a month.
That is UGX 70,100 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 250,050 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 11,300,100 baada ya miezi 12: riba ya UGX 1,300,100 kabla ya kodi yoyote ya zuio, yaani takriban UGX 108,342 kwa mwezi.
Hiyo ni UGX 70,100 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 | 10.002% | 10.002% | UGX 15.00bn | UGX 23.98bn | UGX 6.11bn |
| 182-day | 10.249% | 10.249% | UGX 40.00bn | UGX 42.43bn | UGX 3.93bn |
| 364-day | 13.001% | 12.300% | UGX 160.00bn | UGX 399.84bn | UGX 323.84bn |
Source: Bank of Uganda result · money-market yield at the cut-off price
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Afronomics (2026). Uganda Treasury bill auction, 16 March 2023, compiled from the Bank of Uganda. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/uganda/2023-03-16
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