At the Treasury bill auction dated 12 March 2026, the Bank of Uganda cleared the 91-day bill at 10.25% (down 78 basis points), the 182-day bill at 11.22% (down 15 basis points) and the 364-day bill at 12.00% (unchanged). The rate shown is the money-market yield at the cut-off price.
Demand was strong: bids totalled UGX 907.9bn against UGX 355.0bn on offer, 256% of the amount sought, and UGX 184.2bn was accepted.
At 12.00%, the 364-day rate is the lowest in the 18 auctions of the past year.
A year earlier the 364-day bill cleared at 15.00%, 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 1,200,000 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 11,200,000 after 12 months: UGX 1,200,000 in interest before any withholding tax, about UGX 100,000 a month.
That is the same as at the previous auction.
For shorter money: UGX 561,200 on the 182-day bill (6 months), UGX 256,275 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 11,200,000 baada ya miezi 12: riba ya UGX 1,200,000 kabla ya kodi yoyote ya zuio, yaani takriban UGX 100,000 kwa mwezi.
Ni sawa na 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 | 10.251% | 11.033% | UGX 25.00bn | UGX 190.08bn | UGX 58.12bn |
| 182-day | 11.224% | 11.376% | UGX 75.00bn | UGX 82.72bn | UGX 13.96bn |
| 364-day | 12.000% | 12.000% | UGX 255.00bn | UGX 635.11bn | UGX 112.13bn |
Source: Bank of Uganda result · money-market yield at the cut-off price
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Afronomics (2026). Uganda Treasury bill auction, 12 March 2026, compiled from the Bank of Uganda. Retrieved 4 November 2026, from https://www.afronomicsfeed.com/markets/tbills/uganda/2026-03-12
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