Uganda Treasury bills · auction of 20 July 2023
Uganda T-bill auction, 20 July 2023: 364-day at 12.00%, unchanged
At the Treasury bill auction dated 20 July 2023, the Bank of Uganda cleared the 91-day bill at 9.00% (down 83 basis points), the 182-day bill at 10.80% (up 9 basis points) and the 364-day bill at 12.00% (unchanged). The rate shown is the money-market yield at the cut-off price.
Demand was strong: bids totalled UGX 625.1bn against UGX 290.0bn on offer, 216% of the amount sought, and UGX 308.8bn was accepted.
Over the past year the 364-day rate has ranged from 11.70% to 15.50%.
A year earlier the 364-day bill cleared at 12.50%, so the government is paying 50 basis points less than twelve months ago.
What this means for UGX 10,000,000
Worked from the published rate · information, not advice
UGX 1,200,000 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 11,200,000 after 12 months: UGX 1,200,000 in interest before any withholding tax, about UGX 100,000 a month.
That is the same as at the previous auction.
For shorter money: UGX 540,000 on the 182-day bill (6 months), UGX 225,050 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 11,200,000 baada ya miezi 12: riba ya UGX 1,200,000 kabla ya kodi yoyote ya zuio, yaani takriban UGX 100,000 kwa mwezi.
Ni sawa na 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 | 9.002% | 9.829% | UGX 15.00bn | UGX 63.19bn | UGX 34.19bn |
| 182-day | 10.800% | 10.713% | UGX 40.00bn | UGX 215.89bn | UGX 36.59bn |
| 364-day | 12.000% | 12.000% | UGX 235.00bn | UGX 346.06bn | UGX 238.06bn |
Source: Bank of Uganda result · money-market yield at the cut-off price
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Afronomics (2026). Uganda Treasury bill auction, 20 July 2023, compiled from the Bank of Uganda. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/uganda/2023-07-20
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