Zambia Treasury bills · auction of 28 January 2021
Zambia T-bill auction, 28 January 2021: 364-day at 25.75%, unchanged
At the Treasury bill auction dated 28 January 2021, the Bank of Zambia cleared the 91-day bill at 14.03% (up 3 basis points), the 182-day bill at 16.03% (unchanged) and the 364-day bill at 25.75% (unchanged). The rate shown is the cut-off yield rate at the auction.
The auction was undersubscribed: bids totalled ZMW 734m against ZMW 970m on offer, 76% of the amount sought, and ZMW 734m was accepted.
At 25.75%, the 364-day rate is the highest in the 13 auctions of the past year.
What this means for ZMW 50,000
Worked from the published rate · information, not advice
ZMW 12,875 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 62,875 after 12 months: ZMW 12,875 in interest before any withholding tax, about ZMW 1,073 a month.
That is the same as at the previous auction.
For shorter money: ZMW 4,007 on the 182-day bill (6 months), ZMW 1,754 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 | 14.031% | 14.000% | ZMW 100m | ZMW 150m | ZMW 150m |
| 182-day | 16.027% | 16.027% | ZMW 220m | ZMW 35m | ZMW 35m |
| 364-day | 25.750% | 25.750% | ZMW 650m | ZMW 549m | ZMW 549m |
Source: Bank of Zambia result · cut-off yield rate at the auction
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Afronomics (2026). Zambia Treasury bill auction, 28 January 2021, compiled from the Bank of Zambia. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/zambia/2021-01-28
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