Zambia Treasury bills · auction of 1 July 2021
Zambia T-bill auction, 1 July 2021: 364-day at 25.50%, unchanged
At the Treasury bill auction dated 1 July 2021, the Bank of Zambia cleared the 91-day bill at 13.99% (unchanged), the 182-day bill at 16.03% (unchanged) and the 364-day bill at 25.50% (unchanged). The rate shown is the cut-off yield rate at the auction.
The auction was undersubscribed: bids totalled ZMW 1.1bn against ZMW 1.1bn on offer, 94% of the amount sought, and ZMW 1.1bn was accepted.
Over the past year the 364-day rate has ranged from 24.50% to 25.75%.
What this means for ZMW 50,000
Worked from the published rate · information, not advice
ZMW 12,750 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 62,750 after 12 months: ZMW 12,750 in interest before any withholding tax, about ZMW 1,062 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 1,749 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 | 13.988% | 13.988% | ZMW 210m | ZMW 242m | ZMW 242m |
| 182-day | 16.027% | 16.027% | ZMW 240m | ZMW 53m | ZMW 53m |
| 364-day | 25.500% | 25.500% | ZMW 700m | ZMW 787m | ZMW 787m |
Source: Bank of Zambia result · cut-off yield rate at the auction
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Afronomics (2026). Zambia Treasury bill auction, 1 July 2021, compiled from the Bank of Zambia. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/zambia/2021-07-01
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