Zambia Treasury bills · auction of 21 October 2021
Zambia T-bill auction, 21 October 2021: 91-day at 9.80%, down 20 bps
At the Treasury bill auction dated 21 October 2021, the Bank of Zambia cleared the 91-day bill at 9.80% (down 20 basis points) and the 182-day bill at 10.00% (down 100 basis points). The rate shown is the cut-off yield rate at the auction.
The auction was fully subscribed: bids totalled ZMW 589m against ZMW 450m on offer, 131% of the amount sought, and ZMW 548m was accepted.
At 9.80%, 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 420 basis points less than twelve months ago.
What this means for ZMW 50,000
Worked from the published rate · information, not advice
ZMW 2,500 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 52,500 after 6 months: ZMW 2,500 in interest before any withholding tax, about ZMW 417 a month.
That is ZMW 250 less than the same money would have earned at the previous auction.
For shorter money: ZMW 1,225 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 | 9.800% | 10.000% | ZMW 210m | ZMW 158m | ZMW 117m |
| 182-day | 10.000% | 11.000% | ZMW 240m | ZMW 431m | ZMW 431m |
Source: Bank of Zambia result · cut-off yield rate at the auction
Cite or reuse this data
Free to quote, chart and republish with the credit “Source: Afronomics, compiled from the Bank of Zambia” and a link to this page.
Afronomics (2026). Zambia Treasury bill auction, 21 October 2021, compiled from the Bank of Zambia. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/zambia/2021-10-21
Free, every weekday at 7:00
The Afronomics Morning
Africa’s markets before 7am: the currencies that moved overnight, the auction results that landed, what is due today and the headlines that matter. Plus the Weekly every Monday.