Uganda Treasury bills · auction of 23 May 2024
Uganda T-bill auction, 23 May 2024: 364-day at 13.75%, up 25 bps
At the Treasury bill auction dated 23 May 2024, the Bank of Uganda cleared the 91-day bill at 9.00% (down 50 basis points), the 182-day bill at 12.70% (up 10 basis points) and the 364-day bill at 13.75% (up 25 basis points). The rate shown is the money-market yield at the cut-off price.
Demand was strong: bids totalled UGX 480.1bn against UGX 235.0bn on offer, 204% of the amount sought, and UGX 252.9bn was accepted.
At 13.75%, the 364-day rate is the highest in the 13 auctions of the past year.
A year earlier the 364-day bill cleared at 12.10%, so the government is paying 165 basis points more than twelve months ago.
What this means for UGX 10,000,000
Worked from the published rate · information, not advice
UGX 1,375,000 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 11,375,000 after 12 months: UGX 1,375,000 in interest before any withholding tax, about UGX 114,583 a month.
That is UGX 24,900 more than the same money would have earned at the previous auction.
For shorter money: UGX 634,850 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 11,375,000 baada ya miezi 12: riba ya UGX 1,375,000 kabla ya kodi yoyote ya zuio, yaani takriban UGX 114,583 kwa mwezi.
Hiyo ni UGX 24,900 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% | 9.501% | UGX 15.00bn | UGX 38.50bn | UGX 750m |
| 182-day | 12.697% | 12.601% | UGX 40.00bn | UGX 77.66bn | UGX 37.66bn |
| 364-day | 13.750% | 13.501% | UGX 180.00bn | UGX 363.94bn | UGX 214.44bn |
Source: Bank of Uganda result · money-market yield at the cut-off price
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Afronomics (2026). Uganda Treasury bill auction, 23 May 2024, compiled from the Bank of Uganda. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/uganda/2024-05-23
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