Uganda Treasury bills · auction of 3 July 2025
Uganda T-bill auction, 3 July 2025: 364-day at 15.25%, down 25 bps
At the Treasury bill auction dated 3 July 2025, the Bank of Uganda cleared the 91-day bill at 11.50% (down 22 basis points), the 182-day bill at 12.13% (down 19 basis points) and the 364-day bill at 15.25% (down 25 basis points). The rate shown is the money-market yield at the cut-off price.
Demand was strong: bids totalled UGX 601.7bn against UGX 355.0bn on offer, 169% of the amount sought, and UGX 371.0bn was accepted.
Over the past year the 364-day rate has ranged from 13.50% to 15.50%.
A year earlier the 364-day bill cleared at 13.50%, so the government is paying 175 basis points more than twelve months ago.
What this means for UGX 10,000,000
Worked from the published rate · information, not advice
UGX 1,525,000 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 11,525,000 after 12 months: UGX 1,525,000 in interest before any withholding tax, about UGX 127,083 a month.
That is UGX 25,000 less than the same money would have earned at the previous auction.
For shorter money: UGX 606,550 on the 182-day bill (6 months), UGX 287,475 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 11,525,000 baada ya miezi 12: riba ya UGX 1,525,000 kabla ya kodi yoyote ya zuio, yaani takriban UGX 127,083 kwa mwezi.
Hiyo ni UGX 25,000 pungufu 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 | 11.499% | 11.724% | UGX 25.00bn | UGX 40.74bn | UGX 5.12bn |
| 182-day | 12.131% | 12.319% | UGX 75.00bn | UGX 97.08bn | UGX 32.70bn |
| 364-day | 15.250% | 15.500% | UGX 255.00bn | UGX 463.83bn | UGX 333.16bn |
Source: Bank of Uganda result · money-market yield at the cut-off price
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Afronomics (2026). Uganda Treasury bill auction, 3 July 2025, compiled from the Bank of Uganda. Retrieved 3 October 2026, from https://www.afronomicsfeed.com/markets/tbills/uganda/2025-07-03
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