Zambia Treasury bills · auction of 2 November 2023
Zambia T-bill auction, 2 November 2023: 364-day at 15.00%, unchanged
At the Treasury bill auction dated 2 November 2023, the Bank of Zambia cleared the 91-day bill at 9.45% (unchanged), the 182-day bill at 9.50% (down 25 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 3.0bn against ZMW 1.6bn on offer, 183% of the amount sought, and ZMW 3.0bn 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 the same 15.00%.
What this means for ZMW 50,000
Worked from the published rate · information, not advice
ZMW 7,499 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 57,499 after 12 months: ZMW 7,499 in interest before any withholding tax, about ZMW 625 a month.
That is the same as at the previous auction.
For shorter money: ZMW 2,375 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% | 9.450% | ZMW 300m | ZMW 763m | ZMW 763m |
| 182-day | 9.500% | 9.750% | ZMW 340m | ZMW 157m | ZMW 157m |
| 364-day | 14.998% | 14.998% | ZMW 1.00bn | ZMW 2.08bn | ZMW 2.08bn |
Source: Bank of Zambia result · cut-off yield rate at the auction
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Afronomics (2026). Zambia Treasury bill auction, 2 November 2023, compiled from the Bank of Zambia. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/zambia/2023-11-02
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