Zambia Treasury bills · auction of 16 May 2024
Zambia T-bill auction, 16 May 2024: 364-day at 15.70%, unchanged
At the Treasury bill auction dated 16 May 2024, the Bank of Zambia cleared the 91-day bill at 9.50% (unchanged), the 182-day bill at 9.50% (unchanged) and the 364-day bill at 15.70% (unchanged). The rate shown is the cut-off yield rate at the auction.
The auction was undersubscribed: bids totalled ZMW 614m against ZMW 1.4bn on offer, 45% of the amount sought, and ZMW 612m was accepted.
Over the past year the 364-day rate has ranged from 14.96% to 16.05%.
A year earlier the 364-day bill cleared at 15.75%, so the government is paying 5 basis points less than twelve months ago.
What this means for ZMW 50,000
Worked from the published rate · information, not advice
ZMW 7,850 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 57,850 after 12 months: ZMW 7,850 in interest before any withholding tax, about ZMW 654 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 1,188 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 360m | ZMW 81m | ZMW 81m |
| 182-day | 9.500% | 9.500% | ZMW 410m | ZMW 10m | ZMW 10m |
| 364-day | 15.700% | 15.700% | ZMW 600m | ZMW 523m | ZMW 521m |
Source: Bank of Zambia result · cut-off yield rate at the auction
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Afronomics (2026). Zambia Treasury bill auction, 16 May 2024, compiled from the Bank of Zambia. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/zambia/2024-05-16
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