Zambia Treasury bills · auction of 8 October 2020
Zambia T-bill auction, 8 October 2020: 364-day at 24.50%, unchanged
At the Treasury bill auction dated 8 October 2020, the Bank of Zambia cleared the 91-day bill at 14.00% (unchanged), the 182-day bill at 16.00% (down 50 basis points) and the 364-day bill at 24.50% (unchanged). The rate shown is the cut-off yield rate at the auction.
The auction was undersubscribed: bids totalled ZMW 520m against ZMW 970m on offer, 54% of the amount sought, and ZMW 518m was accepted.
At 24.50%, the 364-day rate is the lowest in the 5 auctions of the past year.
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 the same as at the previous auction.
For shorter money: ZMW 4,000 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% | 14.000% | ZMW 100m | ZMW 127m | ZMW 127m |
| 182-day | 16.000% | 16.500% | ZMW 220m | ZMW 93m | ZMW 91m |
| 364-day | 24.500% | 24.500% | ZMW 650m | ZMW 300m | ZMW 300m |
Source: Bank of Zambia result · cut-off yield rate at the auction
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Afronomics (2026). Zambia Treasury bill auction, 8 October 2020, compiled from the Bank of Zambia. Retrieved 3 October 2026, from https://www.afronomicsfeed.com/markets/tbills/zambia/2020-10-08
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