Zambia Treasury bills · auction of 28 March 2019
Zambia T-bill auction, 28 March 2019: 91-day at 15.25%, unchanged
At the Treasury bill auction dated 28 March 2019, the Bank of Zambia cleared the 91-day bill at 15.25% (unchanged). The rate shown is the cut-off yield rate at the auction.
The auction was fully subscribed: bids totalled ZMW 85m against ZMW 75m on offer, 113% of the amount sought, and ZMW 85m was accepted.
At 15.25%, the 91-day rate is the highest in the 9 auctions of the past year.
What this means for ZMW 50,000
Worked from the published rate · information, not advice
ZMW 1,906 in 3 months on the 91-day bill
Put ZMW 50,000 into the 91-day bill at this auction and you get back ZMW 51,906 after 3 months: ZMW 1,906 in interest before any withholding tax, about ZMW 635 a month.
That is the same as at the previous auction.
The government pays the full amount at maturity; the risk is Zambia’s government not paying, and the money is locked until then.
Results
By tenor
| Tenor | Rate | Previous | Offered | Bids | Accepted |
|---|---|---|---|---|---|
| 91-day | 15.250% | 15.250% | ZMW 75m | ZMW 85m | ZMW 85m |
Source: Bank of Zambia result · cut-off yield rate at the auction
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Afronomics (2026). Zambia Treasury bill auction, 28 March 2019, compiled from the Bank of Zambia. Retrieved 3 October 2026, from https://www.afronomicsfeed.com/markets/tbills/zambia/2019-03-28
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