Uganda Treasury bills · auction of 23 October 2025
Uganda T-bill auction, 23 October 2025: 364-day at 14.95%, down 5 bps
At the Treasury bill auction dated 23 October 2025, the Bank of Uganda cleared the 91-day bill at 11.49% (up 57 basis points), the 182-day bill at 13.07% (up 82 basis points) and the 364-day bill at 14.95% (down 5 basis points). The rate shown is the money-market yield at the cut-off price.
Demand was strong: bids totalled UGX 707.2bn against UGX 355.0bn on offer, 199% of the amount sought, and UGX 464.2bn was accepted.
Over the past year the 364-day rate has ranged from 14.75% to 15.50%.
A year earlier the 364-day bill cleared at 14.50%, so the government is paying 45 basis points more than twelve months ago.
What this means for UGX 10,000,000
Worked from the published rate · information, not advice
UGX 1,494,600 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 11,494,600 after 12 months: UGX 1,494,600 in interest before any withholding tax, about UGX 124,550 a month.
That is UGX 5,300 less than the same money would have earned at the previous auction.
For shorter money: UGX 653,550 on the 182-day bill (6 months), UGX 287,375 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 11,494,600 baada ya miezi 12: riba ya UGX 1,494,600 kabla ya kodi yoyote ya zuio, yaani takriban UGX 124,550 kwa mwezi.
Hiyo ni UGX 5,300 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 | 11.495% | 10.923% | UGX 25.00bn | UGX 44.30bn | UGX 8.77bn |
| 182-day | 13.071% | 12.251% | UGX 75.00bn | UGX 97.87bn | UGX 34.11bn |
| 364-day | 14.946% | 14.999% | UGX 255.00bn | UGX 565.03bn | UGX 421.28bn |
Source: Bank of Uganda result · money-market yield at the cut-off price
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Afronomics (2026). Uganda Treasury bill auction, 23 October 2025, compiled from the Bank of Uganda. Retrieved 3 October 2026, from https://www.afronomicsfeed.com/markets/tbills/uganda/2025-10-23
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