Uganda Treasury bills · auction of 25 May 2023
Uganda T-bill auction, 25 May 2023: 364-day at 11.70%, down 40 bps
At the Treasury bill auction dated 25 May 2023, the Bank of Uganda cleared the 91-day bill at 10.00% (unchanged), the 182-day bill at 10.24% (unchanged) and the 364-day bill at 11.70% (down 40 basis points). The rate shown is the money-market yield at the cut-off price.
Demand was strong: bids totalled UGX 495.2bn against UGX 185.0bn on offer, 268% of the amount sought, and UGX 191.4bn was accepted.
Over the past year the 364-day rate has ranged from 10.00% to 15.50%.
A year earlier the 364-day bill cleared at 9.00%, so the government is paying 270 basis points more than twelve months ago.
What this means for UGX 10,000,000
Worked from the published rate · information, not advice
UGX 1,170,000 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 11,170,000 after 12 months: UGX 1,170,000 in interest before any withholding tax, about UGX 97,500 a month.
That is UGX 40,300 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 11,170,000 baada ya miezi 12: riba ya UGX 1,170,000 kabla ya kodi yoyote ya zuio, yaani takriban UGX 97,500 kwa mwezi.
Hiyo ni UGX 40,300 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 31.75bn | UGX 8.95bn |
| 182-day | 10.240% | 10.240% | UGX 30.00bn | UGX 132.16bn | UGX 7.16bn |
| 364-day | 11.700% | 12.103% | UGX 140.00bn | UGX 331.29bn | UGX 175.29bn |
Source: Bank of Uganda result · money-market yield at the cut-off price
Cite or reuse this data
Free to quote, chart and republish with the credit “Source: Afronomics, compiled from the Bank of Uganda” and a link to this page.
Afronomics (2026). Uganda Treasury bill auction, 25 May 2023, compiled from the Bank of Uganda. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/uganda/2023-05-25
Free, every weekday at 7:00
The Afronomics Morning
Africa’s markets before 7am: the currencies that moved overnight, the auction results that landed, what is due today and the headlines that matter. Plus the Weekly every Monday.