Zambia Treasury bills · auction of 21 September 2023
Zambia T-bill auction, 21 September 2023: 364-day at 15.30%, down 20 bps
At the Treasury bill auction dated 21 September 2023, the Bank of Zambia cleared the 91-day bill at 9.50% (unchanged), the 182-day bill at 10.00% (down 15 basis points) and the 364-day bill at 15.30% (down 20 basis points). The rate shown is the cut-off yield rate at the auction.
Demand was strong: bids totalled ZMW 2.5bn against ZMW 1.6bn on offer, 153% of the amount sought, and ZMW 1.9bn was accepted.
Over the past year the 364-day rate has ranged from 14.99% to 16.05%.
A year earlier the 364-day bill cleared at 15.00%, so the government is paying 30 basis points more than twelve months ago.
What this means for ZMW 50,000
Worked from the published rate · information, not advice
ZMW 7,650 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 57,650 after 12 months: ZMW 7,650 in interest before any withholding tax, about ZMW 638 a month.
That is ZMW 100 less than the same money would have earned at the previous auction.
For shorter money: ZMW 2,500 on the 182-day bill (6 months), ZMW 1,188 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 | 9.500% | 9.500% | ZMW 300m | ZMW 419m | ZMW 419m |
| 182-day | 10.000% | 10.150% | ZMW 340m | ZMW 206m | ZMW 206m |
| 364-day | 15.300% | 15.500% | ZMW 1.00bn | ZMW 1.89bn | ZMW 1.30bn |
Source: Bank of Zambia result · cut-off yield rate at the auction
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Afronomics (2026). Zambia Treasury bill auction, 21 September 2023, compiled from the Bank of Zambia. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/zambia/2023-09-21
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