Zambia Treasury bills · auction of 23 September 2021
Zambia T-bill auction, 23 September 2021: 364-day at 16.00%, down 350 bps
At the Treasury bill auction dated 23 September 2021, the Bank of Zambia cleared the 91-day bill at 11.50% (down 100 basis points), the 182-day bill at 13.50% (down 100 basis points) and the 364-day bill at 16.00% (down 350 basis points). The rate shown is the cut-off yield rate at the auction.
Demand was strong: bids totalled ZMW 2.6bn against ZMW 1.1bn on offer, 229% of the amount sought, and ZMW 1.4bn was accepted.
At 16.00%, the 364-day rate is the lowest in the 26 auctions of the past year.
A year earlier the 364-day bill cleared at 24.50%, so the government is paying 850 basis points less than twelve months ago.
What this means for ZMW 50,000
Worked from the published rate · information, not advice
ZMW 8,000 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 58,000 after 12 months: ZMW 8,000 in interest before any withholding tax, about ZMW 667 a month.
That is ZMW 1,750 less than the same money would have earned at the previous auction.
For shorter money: ZMW 3,375 on the 182-day bill (6 months), ZMW 1,438 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 | 11.500% | 12.500% | ZMW 210m | ZMW 338m | ZMW 330m |
| 182-day | 13.500% | 14.500% | ZMW 240m | ZMW 580m | ZMW 400m |
| 364-day | 16.000% | 19.500% | ZMW 700m | ZMW 1.71bn | ZMW 626m |
Source: Bank of Zambia result · cut-off yield rate at the auction
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Afronomics (2026). Zambia Treasury bill auction, 23 September 2021, compiled from the Bank of Zambia. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/zambia/2021-09-23
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