Zambia Treasury bills · auction of 16 November 2023
Zambia T-bill auction, 16 November 2023: 364-day at 14.96%, down 4 bps
At the Treasury bill auction dated 16 November 2023, the Bank of Zambia cleared the 91-day bill at 9.45% (unchanged), the 182-day bill at 9.50% (unchanged) and the 364-day bill at 14.96% (down 4 basis points). The rate shown is the cut-off yield rate at the auction.
The auction was fully subscribed: bids totalled ZMW 2.0bn against ZMW 1.6bn on offer, 120% of the amount sought, and ZMW 1.5bn was accepted.
At 14.96%, the 364-day rate is the lowest in the 26 auctions of the past year.
A year earlier the 364-day bill cleared at 15.00%, so the government is paying 4 basis points less than twelve months ago.
What this means for ZMW 50,000
Worked from the published rate · information, not advice
ZMW 7,477 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 57,478 after 12 months: ZMW 7,477 in interest before any withholding tax, about ZMW 623 a month.
That is ZMW 22 less than the same money would have earned 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 732m | ZMW 231m |
| 182-day | 9.500% | 9.500% | ZMW 340m | ZMW 138m | ZMW 138m |
| 364-day | 14.955% | 14.998% | ZMW 1.00bn | ZMW 1.11bn | ZMW 1.11bn |
Source: Bank of Zambia result · cut-off yield rate at the auction
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Afronomics (2026). Zambia Treasury bill auction, 16 November 2023, compiled from the Bank of Zambia. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/zambia/2023-11-16
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