Zambia Treasury bills · auction of 4 May 2023
Zambia T-bill auction, 4 May 2023: 364-day at 15.75%, unchanged
At the Treasury bill auction dated 4 May 2023, the Bank of Zambia cleared the 91-day bill at 10.00% (down 1 basis point), the 182-day bill at 11.00% (down 50 basis points) and the 364-day bill at 15.75% (unchanged). The rate shown is the cut-off yield rate at the auction.
The auction was undersubscribed: bids totalled ZMW 834m against ZMW 1.6bn on offer, 51% of the amount sought, and ZMW 834m was accepted.
At 15.75%, the 364-day rate is the highest in the 26 auctions of the past year.
A year earlier the 364-day bill cleared at 13.75%, so the government is paying 200 basis points more than twelve months ago.
What this means for ZMW 50,000
Worked from the published rate · information, not advice
ZMW 7,875 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 57,875 after 12 months: ZMW 7,875 in interest before any withholding tax, about ZMW 656 a month.
That is the same as at the previous auction.
For shorter money: ZMW 2,750 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 | 10.003% | 10.010% | ZMW 300m | ZMW 18m | ZMW 18m |
| 182-day | 11.000% | 11.500% | ZMW 340m | ZMW 3m | ZMW 3m |
| 364-day | 15.750% | 15.750% | ZMW 1.00bn | ZMW 813m | ZMW 813m |
Source: Bank of Zambia result · cut-off yield rate at the auction
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Afronomics (2026). Zambia Treasury bill auction, 4 May 2023, compiled from the Bank of Zambia. Retrieved 3 October 2026, from https://www.afronomicsfeed.com/markets/tbills/zambia/2023-05-04
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