Zambia Treasury bills · auction of 8 September 2022
Zambia T-bill auction, 8 September 2022: 364-day at 15.00%, unchanged
At the Treasury bill auction dated 8 September 2022, the Bank of Zambia cleared the 91-day bill at 10.00% (unchanged), the 182-day bill at 10.45% (down 5 basis points) and the 364-day bill at 15.00% (unchanged). The rate shown is the cut-off yield rate at the auction.
Demand was strong: bids totalled ZMW 3.9bn against ZMW 1.6bn on offer, 236% of the amount sought, and ZMW 3.5bn was accepted.
Over the past year the 364-day rate has ranged from 12.00% to 16.00%.
A year earlier the 364-day bill cleared at 25.50%, so the government is paying 1050 basis points less than twelve months ago.
What this means for ZMW 50,000
Worked from the published rate · information, not advice
ZMW 7,500 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 57,500 after 12 months: ZMW 7,500 in interest before any withholding tax, about ZMW 625 a month.
That is the same as at the previous auction.
For shorter money: ZMW 2,613 on the 182-day bill (6 months), ZMW 1,250 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 | 10.000% | 10.000% | ZMW 300m | ZMW 667m | ZMW 666m |
| 182-day | 10.450% | 10.500% | ZMW 340m | ZMW 212m | ZMW 212m |
| 364-day | 15.000% | 15.000% | ZMW 1.00bn | ZMW 2.99bn | ZMW 2.62bn |
Source: Bank of Zambia result · cut-off yield rate at the auction
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Afronomics (2026). Zambia Treasury bill auction, 8 September 2022, compiled from the Bank of Zambia. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/zambia/2022-09-08
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