Uganda Treasury bills · auction of 12 February 2026
Uganda T-bill auction, 12 February 2026: 364-day at 12.50%, down 240 bps
At the Treasury bill auction dated 12 February 2026, the Bank of Uganda cleared the 91-day bill at 10.11% (down 92 basis points), the 182-day bill at 11.66% (down 141 basis points) and the 364-day bill at 12.50% (down 240 basis points). The rate shown is the money-market yield at the cut-off price.
Demand was strong: bids totalled UGX 1170.7bn against UGX 355.0bn on offer, 330% of the amount sought, and UGX 347.6bn was accepted.
At 12.50%, the 364-day rate is the lowest in the 18 auctions of the past year.
A year earlier the 364-day bill cleared at 15.50%, so the government is paying 300 basis points less than twelve months ago.
What this means for UGX 10,000,000
Worked from the published rate · information, not advice
UGX 1,250,000 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 11,250,000 after 12 months: UGX 1,250,000 in interest before any withholding tax, about UGX 104,167 a month.
That is UGX 240,000 less than the same money would have earned at the previous auction.
For shorter money: UGX 582,950 on the 182-day bill (6 months), UGX 252,800 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 11,250,000 baada ya miezi 12: riba ya UGX 1,250,000 kabla ya kodi yoyote ya zuio, yaani takriban UGX 104,167 kwa mwezi.
Hiyo ni UGX 240,000 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 | 10.112% | 11.033% | UGX 25.00bn | UGX 46.17bn | UGX 18.04bn |
| 182-day | 11.659% | 13.071% | UGX 75.00bn | UGX 95.81bn | UGX 52.29bn |
| 364-day | 12.500% | 14.900% | UGX 255.00bn | UGX 1028.74bn | UGX 277.29bn |
Source: Bank of Uganda result · money-market yield at the cut-off price
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Afronomics (2026). Uganda Treasury bill auction, 12 February 2026, compiled from the Bank of Uganda. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/uganda/2026-02-12
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