Zambia Treasury bills · auction of 13 August 2020
Zambia T-bill auction, 13 August 2020: 364-day at 25.41%
At the Treasury bill auction dated 13 August 2020, the Bank of Zambia cleared the 91-day bill at 14.50% (unchanged), the 182-day bill at 17.50% (up 250 basis points) and the 364-day bill at 25.41%. The rate shown is the cut-off yield rate at the auction.
Demand was strong: bids totalled ZMW 1.7bn against ZMW 970m on offer, 171% of the amount sought, and ZMW 1.7bn was accepted.
What this means for ZMW 50,000
Worked from the published rate · information, not advice
ZMW 12,707 in 12 months on the 364-day bill
Put ZMW 50,000 into the 364-day bill at this auction and you get back ZMW 62,707 after 12 months: ZMW 12,707 in interest before any withholding tax, about ZMW 1,059 a month.
For shorter money: ZMW 4,375 on the 182-day bill (6 months), ZMW 1,813 on the 91-day bill (3 months).
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 | 14.500% | 14.500% | ZMW 100m | ZMW 426m | ZMW 426m |
| 182-day | 17.500% | 15.000% | ZMW 220m | ZMW 232m | ZMW 232m |
| 364-day | 25.414% | — | ZMW 650m | ZMW 996m | ZMW 996m |
Source: Bank of Zambia result · cut-off yield rate at the auction
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Afronomics (2026). Zambia Treasury bill auction, 13 August 2020, compiled from the Bank of Zambia. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/zambia/2020-08-13
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