Zambia Treasury bills · auction of 16 July 2020
Zambia T-bill auction, 16 July 2020: 91-day at 15.00%, down 102 bps
At the Treasury bill auction dated 16 July 2020, the Bank of Zambia cleared the 91-day bill at 15.00% (down 102 basis points). The rate shown is the cut-off yield rate at the auction.
Demand was strong: bids totalled ZMW 273m against ZMW 100m on offer, 273% of the amount sought, and ZMW 258m was accepted.
At 15.00%, the 91-day rate is the lowest in the 24 auctions of the past year.
A year earlier the 91-day bill cleared at 16.50%, so the government is paying 150 basis points less than twelve months ago.
What this means for ZMW 50,000
Worked from the published rate · information, not advice
ZMW 1,875 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 51,875 after 3 months: ZMW 1,875 in interest before any withholding tax, about ZMW 625 a month.
That is ZMW 127 less than the same money would have earned 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 | 15.000% | 16.017% | ZMW 100m | ZMW 273m | ZMW 258m |
Source: Bank of Zambia result · cut-off yield rate at the auction
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Afronomics (2026). Zambia Treasury bill auction, 16 July 2020, compiled from the Bank of Zambia. Retrieved 3 October 2026, from https://www.afronomicsfeed.com/markets/tbills/zambia/2020-07-16
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