Zambia Treasury bills · auction of 18 May 2023
Zambia T-bill auction, 18 May 2023: 364-day at 16.00%, up 25 bps
At the Treasury bill auction dated 18 May 2023, the Bank of Zambia cleared the 91-day bill at 10.00% (unchanged), the 182-day bill at 10.90% (down 10 basis points) and the 364-day bill at 16.00% (up 25 basis points). The rate shown is the cut-off yield rate at the auction.
The auction was undersubscribed: bids totalled ZMW 1.4bn against ZMW 1.6bn on offer, 88% of the amount sought, and ZMW 1.4bn was accepted.
At 16.00%, 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 225 basis points more than twelve months ago.
What this means for ZMW 50,000
Worked from the published rate · information, not advice
ZMW 8,000 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 58,000 after 12 months: ZMW 8,000 in interest before any withholding tax, about ZMW 667 a month.
That is ZMW 125 more than the same money would have earned at the previous auction.
For shorter money: ZMW 2,725 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% | 10.003% | ZMW 300m | ZMW 123m | ZMW 123m |
| 182-day | 10.900% | 11.000% | ZMW 340m | ZMW 13m | ZMW 13m |
| 364-day | 16.000% | 15.750% | ZMW 1.00bn | ZMW 1.31bn | ZMW 1.31bn |
Source: Bank of Zambia result · cut-off yield rate at the auction
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Afronomics (2026). Zambia Treasury bill auction, 18 May 2023, compiled from the Bank of Zambia. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/zambia/2023-05-18
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