Uganda Treasury bills · auction of 11 May 2023
Uganda T-bill auction, 11 May 2023: 364-day at 12.10%, down 40 bps
At the Treasury bill auction dated 11 May 2023, the Bank of Uganda cleared the 91-day bill at 10.00% (unchanged), the 182-day bill at 10.24% (down 1 basis point) and the 364-day bill at 12.10% (down 40 basis points). The rate shown is the money-market yield at the cut-off price.
Demand was strong: bids totalled UGX 554.2bn against UGX 185.0bn on offer, 300% of the amount sought, and UGX 174.7bn was accepted.
Over the past year the 364-day rate has ranged from 9.00% to 15.50%.
A year earlier the 364-day bill cleared at 9.00%, so the government is paying 310 basis points more than twelve months ago.
What this means for UGX 10,000,000
Worked from the published rate · information, not advice
UGX 1,210,300 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 11,210,300 after 12 months: UGX 1,210,300 in interest before any withholding tax, about UGX 100,858 a month.
That is UGX 39,700 less than the same money would have earned at the previous auction.
For shorter money: UGX 512,000 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 11,210,300 baada ya miezi 12: riba ya UGX 1,210,300 kabla ya kodi yoyote ya zuio, yaani takriban UGX 100,858 kwa mwezi.
Hiyo ni UGX 39,700 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 | 10.002% | 10.002% | UGX 15.00bn | UGX 52.70bn | UGX 11.70bn |
| 182-day | 10.240% | 10.249% | UGX 30.00bn | UGX 131.18bn | UGX 7.43bn |
| 364-day | 12.103% | 12.500% | UGX 140.00bn | UGX 370.36bn | UGX 155.57bn |
Source: Bank of Uganda result · money-market yield at the cut-off price
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Afronomics (2026). Uganda Treasury bill auction, 11 May 2023, compiled from the Bank of Uganda. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/uganda/2023-05-11
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