Zambia Treasury bills · auction of 24 February 2022
Zambia T-bill auction, 24 February 2022: 364-day at 14.25%, down 50 bps
At the Treasury bill auction dated 24 February 2022, the Bank of Zambia cleared the 91-day bill at 9.45% (down 5 basis points), the 182-day bill at 11.50% (unchanged) and the 364-day bill at 14.25% (down 50 basis points). The rate shown is the cut-off yield rate at the auction.
Demand was strong: bids totalled ZMW 2.7bn against ZMW 1.6bn on offer, 166% of the amount sought, and ZMW 2.0bn 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 25.75%, so the government is paying 1150 basis points less than twelve months ago.
What this means for ZMW 50,000
Worked from the published rate · information, not advice
ZMW 7,125 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 57,125 after 12 months: ZMW 7,125 in interest before any withholding tax, about ZMW 594 a month.
That is ZMW 250 less than the same money would have earned at the previous auction.
For shorter money: ZMW 2,875 on the 182-day bill (6 months), ZMW 1,181 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 | 9.450% | 9.500% | ZMW 300m | ZMW 317m | ZMW 317m |
| 182-day | 11.500% | 11.500% | ZMW 340m | ZMW 577m | ZMW 426m |
| 364-day | 14.250% | 14.750% | ZMW 1.00bn | ZMW 1.84bn | ZMW 1.30bn |
Source: Bank of Zambia result · cut-off yield rate at the auction
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Afronomics (2026). Zambia Treasury bill auction, 24 February 2022, compiled from the Bank of Zambia. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/zambia/2022-02-24
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