Zambia Treasury bills · auction of 22 October 2020
Zambia T-bill auction, 22 October 2020: 364-day at 24.52%, up 2 bps
At the Treasury bill auction dated 22 October 2020, the Bank of Zambia cleared the 91-day bill at 14.00% (unchanged), the 182-day bill at 16.00% (unchanged) and the 364-day bill at 24.52% (up 2 basis points). The rate shown is the cut-off yield rate at the auction.
The auction was fully subscribed: bids totalled ZMW 1.1bn against ZMW 970m on offer, 116% of the amount sought, and ZMW 1.1bn was accepted.
Over the past year the 364-day rate has ranged from 24.50% to 25.41%.
What this means for ZMW 50,000
Worked from the published rate · information, not advice
ZMW 12,261 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 62,261 after 12 months: ZMW 12,261 in interest before any withholding tax, about ZMW 1,022 a month.
That is ZMW 11 more than the same money would have earned 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 121m | ZMW 121m |
| 182-day | 16.000% | 16.000% | ZMW 220m | ZMW 1m | ZMW 1m |
| 364-day | 24.523% | 24.500% | ZMW 650m | ZMW 1.00bn | ZMW 1.00bn |
Source: Bank of Zambia result · cut-off yield rate at the auction
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Afronomics (2026). Zambia Treasury bill auction, 22 October 2020, compiled from the Bank of Zambia. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/zambia/2020-10-22
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