Zambia Treasury bills · auction of 21 April 2022
Zambia T-bill auction, 21 April 2022: 364-day at 13.75%, up 47 bps
At the Treasury bill auction dated 21 April 2022, the Bank of Zambia cleared the 91-day bill at 9.30% (down 5 basis points), the 182-day bill at 10.80% (down 20 basis points) and the 364-day bill at 13.75% (up 47 basis points). The rate shown is the cut-off yield rate at the auction.
The auction was undersubscribed: bids totalled ZMW 611m against ZMW 1.6bn on offer, 37% of the amount sought, and ZMW 611m 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 1200 basis points less than twelve months ago.
What this means for ZMW 50,000
Worked from the published rate · information, not advice
ZMW 6,875 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 56,875 after 12 months: ZMW 6,875 in interest before any withholding tax, about ZMW 573 a month.
That is ZMW 235 more than the same money would have earned at the previous auction.
For shorter money: ZMW 2,701 on the 182-day bill (6 months), ZMW 1,163 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 | 9.300% | 9.350% | ZMW 300m | ZMW 14m | ZMW 14m |
| 182-day | 10.802% | 11.000% | ZMW 340m | ZMW 326m | ZMW 326m |
| 364-day | 13.750% | 13.280% | ZMW 1.00bn | ZMW 270m | ZMW 270m |
Source: Bank of Zambia result · cut-off yield rate at the auction
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Afronomics (2026). Zambia Treasury bill auction, 21 April 2022, compiled from the Bank of Zambia. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/zambia/2022-04-21
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