Uganda Treasury bills · auction of 9 November 2023
Uganda T-bill auction, 9 November 2023: 364-day at 12.85%, unchanged
At the Treasury bill auction dated 9 November 2023, the Bank of Uganda cleared the 91-day bill at 9.64% (up 65 basis points), the 182-day bill at 12.00% (unchanged) and the 364-day bill at 12.85% (unchanged). The rate shown is the money-market yield at the cut-off price.
Demand was strong: bids totalled UGX 570.2bn against UGX 235.0bn on offer, 243% of the amount sought, and UGX 474.9bn was accepted.
Over the past year the 364-day rate has ranged from 11.70% to 15.30%.
A year earlier the 364-day bill cleared at 15.50%, so the government is paying 265 basis points less than twelve months ago.
What this means for UGX 10,000,000
Worked from the published rate · information, not advice
UGX 1,285,000 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 11,285,000 after 12 months: UGX 1,285,000 in interest before any withholding tax, about UGX 107,083 a month.
That is the same as at the previous auction.
For shorter money: UGX 600,050 on the 182-day bill (6 months), UGX 241,100 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 11,285,000 baada ya miezi 12: riba ya UGX 1,285,000 kabla ya kodi yoyote ya zuio, yaani takriban UGX 107,083 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 | 9.644% | 8.993% | UGX 15.00bn | UGX 41.80bn | UGX 10.92bn |
| 182-day | 12.001% | 12.001% | UGX 40.00bn | UGX 171.24bn | UGX 156.24bn |
| 364-day | 12.850% | 12.850% | UGX 180.00bn | UGX 357.18bn | UGX 307.68bn |
Source: Bank of Uganda result · money-market yield at the cut-off price
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Afronomics (2026). Uganda Treasury bill auction, 9 November 2023, compiled from the Bank of Uganda. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/uganda/2023-11-09
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