Zambia Treasury bills · auction of 4 November 2021
Zambia T-bill auction, 4 November 2021: 364-day at 12.00%, down 400 bps
At the Treasury bill auction dated 4 November 2021, the Bank of Zambia cleared the 91-day bill at 9.80% (unchanged), the 182-day bill at 9.50% (down 50 basis points) and the 364-day bill at 12.00% (down 400 basis points). The rate shown is the cut-off yield rate at the auction.
Demand was strong: bids totalled ZMW 2.5bn against ZMW 1.1bn on offer, 214% of the amount sought, and ZMW 1.8bn was accepted.
At 12.00%, the 364-day rate is the lowest in the 24 auctions of the past year.
A year earlier the 364-day bill cleared at 24.52%, so the government is paying 1252 basis points less than twelve months ago.
What this means for ZMW 50,000
Worked from the published rate · information, not advice
ZMW 6,000 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 56,000 after 12 months: ZMW 6,000 in interest before any withholding tax, about ZMW 500 a month.
That is ZMW 2,000 less than the same money would have earned at the previous auction.
For shorter money: ZMW 2,375 on the 182-day bill (6 months), 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% | 9.800% | ZMW 210m | ZMW 375m | ZMW 374m |
| 182-day | 9.500% | 10.000% | ZMW 240m | ZMW 556m | ZMW 539m |
| 364-day | 12.000% | 16.000% | ZMW 700m | ZMW 1.53bn | ZMW 936m |
Source: Bank of Zambia result · cut-off yield rate at the auction
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Afronomics (2026). Zambia Treasury bill auction, 4 November 2021, compiled from the Bank of Zambia. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/zambia/2021-11-04
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