Zambia Treasury bills · auction of 7 April 2022
Zambia T-bill auction, 7 April 2022: 364-day at 13.28%, down 50 bps
At the Treasury bill auction dated 7 April 2022, the Bank of Zambia cleared the 91-day bill at 9.35% (unchanged), the 182-day bill at 11.00% (down 30 basis points) and the 364-day bill at 13.28% (down 50 basis points). The rate shown is the cut-off yield rate at the auction.
The auction was fully subscribed: bids totalled ZMW 2.4bn against ZMW 1.6bn on offer, 149% of the amount sought, and ZMW 1.8bn 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 1247 basis points less than twelve months ago.
What this means for ZMW 50,000
Worked from the published rate · information, not advice
ZMW 6,640 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 56,640 after 12 months: ZMW 6,640 in interest before any withholding tax, about ZMW 553 a month.
That is ZMW 251 less than the same money would have earned at the previous auction.
For shorter money: ZMW 2,750 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% | 9.350% | ZMW 300m | ZMW 576m | ZMW 472m |
| 182-day | 11.000% | 11.300% | ZMW 340m | ZMW 731m | ZMW 359m |
| 364-day | 13.280% | 13.781% | ZMW 1.00bn | ZMW 1.13bn | ZMW 950m |
Source: Bank of Zambia result · cut-off yield rate at the auction
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Afronomics (2026). Zambia Treasury bill auction, 7 April 2022, compiled from the Bank of Zambia. Retrieved 3 October 2026, from https://www.afronomicsfeed.com/markets/tbills/zambia/2022-04-07
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