Zambia Treasury bills · auction of 24 March 2022
Zambia T-bill auction, 24 March 2022: 364-day at 13.78%, unchanged
At the Treasury bill auction dated 24 March 2022, the Bank of Zambia cleared the 91-day bill at 9.35% (down 5 basis points), the 182-day bill at 11.30% (down 10 basis points) and the 364-day bill at 13.78% (unchanged). The rate shown is the cut-off yield rate at the auction.
Demand was strong: bids totalled ZMW 2.5bn against ZMW 1.6bn on offer, 152% of the amount sought, and ZMW 1.6bn 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 1197 basis points less than twelve months ago.
What this means for ZMW 50,000
Worked from the published rate · information, not advice
ZMW 6,891 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 56,891 after 12 months: ZMW 6,891 in interest before any withholding tax, about ZMW 574 a month.
That is the same as at the previous auction.
For shorter money: ZMW 2,825 on the 182-day bill (6 months), ZMW 1,169 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 | 9.350% | 9.400% | ZMW 300m | ZMW 625m | ZMW 302m |
| 182-day | 11.300% | 11.400% | ZMW 340m | ZMW 731m | ZMW 359m |
| 364-day | 13.781% | 13.781% | ZMW 1.00bn | ZMW 1.13bn | ZMW 907m |
Source: Bank of Zambia result · cut-off yield rate at the auction
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Afronomics (2026). Zambia Treasury bill auction, 24 March 2022, compiled from the Bank of Zambia. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/zambia/2022-03-24
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