Zambia Treasury bills · auction of 7 October 2021
Zambia T-bill auction, 7 October 2021: 91-day at 10.00%, down 150 bps
At the Treasury bill auction dated 7 October 2021, the Bank of Zambia cleared the 91-day bill at 10.00% (down 150 basis points) and the 182-day bill at 11.00% (down 250 basis points). The rate shown is the cut-off yield rate at the auction.
Demand was strong: bids totalled ZMW 688m against ZMW 450m on offer, 153% of the amount sought, and ZMW 417m was accepted.
At 10.00%, the 91-day rate is the lowest in the 26 auctions of the past year.
A year earlier the 91-day bill cleared at 14.00%, so the government is paying 400 basis points less than twelve months ago.
What this means for ZMW 50,000
Worked from the published rate · information, not advice
ZMW 2,750 in 6 months on the 182-day bill
Put ZMW 50,000 into the 182-day bill at this auction and you get back ZMW 52,750 after 6 months: ZMW 2,750 in interest before any withholding tax, about ZMW 458 a month.
That is ZMW 625 less than the same money would have earned at the previous auction.
For shorter money: ZMW 1,250 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 | 10.000% | 11.500% | ZMW 210m | ZMW 280m | ZMW 215m |
| 182-day | 11.000% | 13.500% | ZMW 240m | ZMW 408m | ZMW 202m |
Source: Bank of Zambia result · cut-off yield rate at the auction
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Afronomics (2026). Zambia Treasury bill auction, 7 October 2021, compiled from the Bank of Zambia. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/zambia/2021-10-07
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