Uganda Treasury bills · auction of 14 March 2024
Uganda T-bill auction, 14 March 2024: 364-day at 13.25%, up 40 bps
At the Treasury bill auction dated 14 March 2024, the Bank of Uganda cleared the 91-day bill at 9.64% (unchanged), the 182-day bill at 12.00% (unchanged) and the 364-day bill at 13.25% (up 40 basis points). The rate shown is the money-market yield at the cut-off price.
Demand was strong: bids totalled UGX 632.2bn against UGX 235.0bn on offer, 269% of the amount sought, and UGX 241.3bn was accepted.
At 13.25%, the 364-day rate is the highest in the 15 auctions of the past year.
A year earlier the 364-day bill cleared at 12.30%, so the government is paying 95 basis points more than twelve months ago.
What this means for UGX 10,000,000
Worked from the published rate · information, not advice
UGX 1,324,800 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 11,324,800 after 12 months: UGX 1,324,800 in interest before any withholding tax, about UGX 110,400 a month.
That is UGX 39,800 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 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 11,324,800 baada ya miezi 12: riba ya UGX 1,324,800 kabla ya kodi yoyote ya zuio, yaani takriban UGX 110,400 kwa mwezi.
Hiyo ni UGX 39,800 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 | 9.644% | 9.644% | UGX 15.00bn | UGX 38.56bn | UGX 10.69bn |
| 182-day | 12.001% | 12.001% | UGX 40.00bn | UGX 52.47bn | UGX 12.47bn |
| 364-day | 13.248% | 12.850% | UGX 180.00bn | UGX 541.17bn | UGX 218.17bn |
Source: Bank of Uganda result · money-market yield at the cut-off price
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Afronomics (2026). Uganda Treasury bill auction, 14 March 2024, compiled from the Bank of Uganda. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/uganda/2024-03-14
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