Uganda Treasury bills · auction of 3 January 2025
Uganda T-bill auction, 3 January 2025: 364-day at 15.25%, up 20 bps
At the Treasury bill auction dated 3 January 2025, the Bank of Uganda cleared the 91-day bill at 10.00% (unchanged), the 182-day bill at 13.62% (up 64 basis points) and the 364-day bill at 15.25% (up 20 basis points). The rate shown is the money-market yield at the cut-off price.
The auction was fully subscribed: bids totalled UGX 394.0bn against UGX 355.0bn on offer, 111% of the amount sought, and UGX 153.0bn was accepted.
At 15.25%, the 364-day rate is the highest in the 16 auctions of the past year.
A year earlier the 364-day bill cleared at 12.85%, so the government is paying 240 basis points more than twelve months ago.
What this means for UGX 10,000,000
Worked from the published rate · information, not advice
UGX 1,524,600 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 11,524,600 after 12 months: UGX 1,524,600 in interest before any withholding tax, about UGX 127,050 a month.
That is UGX 19,900 more than the same money would have earned at the previous auction.
For shorter money: UGX 680,850 on the 182-day bill (6 months), UGX 250,050 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 11,524,600 baada ya miezi 12: riba ya UGX 1,524,600 kabla ya kodi yoyote ya zuio, yaani takriban UGX 127,050 kwa mwezi.
Hiyo ni UGX 19,900 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 | 10.002% | 10.002% | UGX 25.00bn | UGX 39.44bn | UGX 10.81bn |
| 182-day | 13.617% | 12.978% | UGX 75.00bn | UGX 65.31bn | UGX 27.31bn |
| 364-day | 15.246% | 15.047% | UGX 255.00bn | UGX 289.27bn | UGX 114.85bn |
Source: Bank of Uganda result · money-market yield at the cut-off price
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Afronomics (2026). Uganda Treasury bill auction, 3 January 2025, compiled from the Bank of Uganda. Retrieved 3 October 2026, from https://www.afronomicsfeed.com/markets/tbills/uganda/2025-01-03
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