Uganda Treasury bills · auction of 12 October 2023
Uganda T-bill auction, 12 October 2023: 364-day at 13.00%, up 40 bps
At the Treasury bill auction dated 12 October 2023, the Bank of Uganda cleared the 91-day bill at 9.00% (down 100 basis points), the 182-day bill at 12.00% (unchanged) and the 364-day bill at 13.00% (up 40 basis points). The rate shown is the money-market yield at the cut-off price.
Demand was strong: bids totalled UGX 585.4bn against UGX 290.0bn on offer, 202% of the amount sought, and UGX 438.7bn 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 14.00%, so the government is paying 100 basis points less than twelve months ago.
What this means for UGX 10,000,000
Worked from the published rate · information, not advice
UGX 1,300,100 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 40,100 more than the same money would have earned at the previous auction.
For shorter money: UGX 600,050 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 11,300,100 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 40,100 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 | 9.002% | 10.002% | UGX 15.00bn | UGX 45.09bn | UGX 15.71bn |
| 182-day | 12.001% | 12.001% | UGX 40.00bn | UGX 178.80bn | UGX 149.80bn |
| 364-day | 13.001% | 12.600% | UGX 235.00bn | UGX 361.54bn | UGX 273.17bn |
Source: Bank of Uganda result · money-market yield at the cut-off price
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Afronomics (2026). Uganda Treasury bill auction, 12 October 2023, compiled from the Bank of Uganda. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/uganda/2023-10-12
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