Zambia Treasury bills · auction of 26 March 2020
Zambia T-bill auction, 26 March 2020: 91-day at 16.50%, unchanged
At the Treasury bill auction dated 26 March 2020, the Bank of Zambia cleared the 91-day bill at 16.50% (unchanged). The rate shown is the cut-off yield rate at the auction.
The auction was fully subscribed: bids totalled ZMW 93m against ZMW 75m on offer, 124% of the amount sought, and ZMW 93m was accepted.
At 16.50%, the 91-day rate is the highest in the 24 auctions of the past year.
A year earlier the 91-day bill cleared at 15.25%, so the government is paying 125 basis points more than twelve months ago.
What this means for ZMW 50,000
Worked from the published rate · information, not advice
ZMW 2,063 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 52,063 after 3 months: ZMW 2,063 in interest before any withholding tax, about ZMW 688 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 | 16.500% | 16.500% | ZMW 75m | ZMW 93m | ZMW 93m |
Source: Bank of Zambia result · cut-off yield rate at the auction
Cite or reuse this data
Free to quote, chart and republish with the credit “Source: Afronomics, compiled from the Bank of Zambia” and a link to this page.
Afronomics (2026). Zambia Treasury bill auction, 26 March 2020, compiled from the Bank of Zambia. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/zambia/2020-03-26
Free, every weekday at 7:00
The Afronomics Morning
Africa’s markets before 7am: the currencies that moved overnight, the auction results that landed, what is due today and the headlines that matter. Plus the Weekly every Monday.