Zambia Treasury bills · auction of 16 December 2021
Zambia T-bill auction, 16 December 2021: 364-day at 15.00%, up 155 bps
At the Treasury bill auction dated 16 December 2021, the Bank of Zambia cleared the 91-day bill at 9.50% (up 10 basis points), the 182-day bill at 9.65% (up 15 basis points) and the 364-day bill at 15.00% (up 155 basis points). The rate shown is the cut-off yield rate at the auction.
The auction was fully subscribed: bids totalled ZMW 1.4bn against ZMW 1.1bn on offer, 125% of the amount sought, and ZMW 1.3bn was accepted.
Over the past year the 364-day rate has ranged from 12.00% to 25.75%.
A year earlier the 364-day bill cleared at 24.52%, so the government is paying 952 basis points less than twelve months ago.
What this means for ZMW 50,000
Worked from the published rate · information, not advice
ZMW 7,500 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 57,500 after 12 months: ZMW 7,500 in interest before any withholding tax, about ZMW 625 a month.
That is ZMW 775 more than the same money would have earned at the previous auction.
For shorter money: ZMW 2,413 on the 182-day bill (6 months), ZMW 1,188 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 | 9.500% | 9.400% | ZMW 210m | ZMW 179m | ZMW 179m |
| 182-day | 9.650% | 9.499% | ZMW 240m | ZMW 285m | ZMW 285m |
| 364-day | 15.000% | 13.450% | ZMW 700m | ZMW 974m | ZMW 874m |
Source: Bank of Zambia result · cut-off yield rate at the auction
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Afronomics (2026). Zambia Treasury bill auction, 16 December 2021, compiled from the Bank of Zambia. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/zambia/2021-12-16
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