Zambia Treasury bills · auction of 14 July 2022
Zambia T-bill auction, 14 July 2022: 364-day at 14.40%, down 10 bps
At the Treasury bill auction dated 14 July 2022, the Bank of Zambia cleared the 91-day bill at 9.16% (down 14 basis points), the 182-day bill at 11.45% (down 5 basis points) and the 364-day bill at 14.40% (down 10 basis points). The rate shown is the cut-off yield rate at the auction.
The auction was undersubscribed: bids totalled ZMW 892m against ZMW 1.6bn on offer, 54% of the amount sought, and ZMW 892m was accepted.
Over the past year the 364-day rate has ranged from 12.00% to 25.50%.
A year earlier the 364-day bill cleared at 25.50%, so the government is paying 1110 basis points less than twelve months ago.
What this means for ZMW 50,000
Worked from the published rate · information, not advice
ZMW 7,200 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 57,200 after 12 months: ZMW 7,200 in interest before any withholding tax, about ZMW 600 a month.
That is ZMW 50 less than the same money would have earned at the previous auction.
For shorter money: ZMW 2,863 on the 182-day bill (6 months), ZMW 1,145 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 | 9.162% | 9.300% | ZMW 300m | ZMW 23m | ZMW 23m |
| 182-day | 11.450% | 11.500% | ZMW 340m | ZMW 83m | ZMW 83m |
| 364-day | 14.400% | 14.500% | ZMW 1.00bn | ZMW 786m | ZMW 786m |
Source: Bank of Zambia result · cut-off yield rate at the auction
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Afronomics (2026). Zambia Treasury bill auction, 14 July 2022, compiled from the Bank of Zambia. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/zambia/2022-07-14
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