Zambia Treasury bills · auction of 5 October 2023
Zambia T-bill auction, 5 October 2023: 364-day at 15.10%, down 20 bps
At the Treasury bill auction dated 5 October 2023, the Bank of Zambia cleared the 91-day bill at 9.45% (down 5 basis points), the 182-day bill at 9.90% (down 10 basis points) and the 364-day bill at 15.10% (down 20 basis points). The rate shown is the cut-off yield rate at the auction.
Demand was strong: bids totalled ZMW 2.9bn against ZMW 1.6bn on offer, 180% of the amount sought, and ZMW 2.3bn 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 10 basis points more than twelve months ago.
What this means for ZMW 50,000
Worked from the published rate · information, not advice
ZMW 7,550 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 57,550 after 12 months: ZMW 7,550 in interest before any withholding tax, about ZMW 629 a month.
That is ZMW 100 less than the same money would have earned at the previous auction.
For shorter money: ZMW 2,475 on the 182-day bill (6 months), ZMW 1,181 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 | 9.450% | 9.500% | ZMW 300m | ZMW 441m | ZMW 441m |
| 182-day | 9.900% | 10.000% | ZMW 340m | ZMW 233m | ZMW 233m |
| 364-day | 15.100% | 15.300% | ZMW 1.00bn | ZMW 2.27bn | ZMW 1.66bn |
Source: Bank of Zambia result · cut-off yield rate at the auction
Cite or reuse this data
Free to quote, chart and republish with the credit “Source: Afronomics, compiled from the Bank of Zambia” and a link to this page.
Afronomics (2026). Zambia Treasury bill auction, 5 October 2023, compiled from the Bank of Zambia. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/zambia/2023-10-05
Free, every weekday at 7:00
The Afronomics Morning
Africa’s markets before 7am: the currencies that moved overnight, the auction results that landed, what is due today and the headlines that matter. Plus the Weekly every Monday.