Zambia Treasury bills · auction of 27 August 2020
Zambia T-bill auction, 27 August 2020: 364-day at 24.50%, down 91 bps
At the Treasury bill auction dated 27 August 2020, the Bank of Zambia cleared the 91-day bill at 14.00% (down 50 basis points), the 182-day bill at 17.00% (down 50 basis points) and the 364-day bill at 24.50% (down 91 basis points). The rate shown is the cut-off yield rate at the auction.
Demand was strong: bids totalled ZMW 2.7bn against ZMW 970m on offer, 278% of the amount sought, and ZMW 2.2bn was accepted.
What this means for ZMW 50,000
Worked from the published rate · information, not advice
ZMW 12,250 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 62,250 after 12 months: ZMW 12,250 in interest before any withholding tax, about ZMW 1,021 a month.
That is ZMW 457 less than the same money would have earned at the previous auction.
For shorter money: ZMW 4,250 on the 182-day bill (6 months), ZMW 1,750 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 | 14.000% | 14.500% | ZMW 100m | ZMW 381m | ZMW 196m |
| 182-day | 17.000% | 17.500% | ZMW 220m | ZMW 466m | ZMW 465m |
| 364-day | 24.500% | 25.414% | ZMW 650m | ZMW 1.85bn | ZMW 1.54bn |
Source: Bank of Zambia result · cut-off yield rate at the auction
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Afronomics (2026). Zambia Treasury bill auction, 27 August 2020, compiled from the Bank of Zambia. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/zambia/2020-08-27
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