Zambia Treasury bills · auction of 13 June 2024
Zambia T-bill auction, 13 June 2024: 364-day at 17.50%, up 150 bps
At the Treasury bill auction dated 13 June 2024, the Bank of Zambia cleared the 91-day bill at 10.70% (up 100 basis points), the 182-day bill at 9.50% (unchanged) and the 364-day bill at 17.50% (up 150 basis points). The rate shown is the cut-off yield rate at the auction.
The auction was fully subscribed: bids totalled ZMW 1.6bn against ZMW 1.4bn on offer, 114% of the amount sought, and ZMW 1.6bn was accepted.
At 17.50%, the 364-day rate is the highest in the 26 auctions of the past year.
A year earlier the 364-day bill cleared at 16.05%, so the government is paying 145 basis points more than twelve months ago.
What this means for ZMW 50,000
Worked from the published rate · information, not advice
ZMW 8,750 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 58,750 after 12 months: ZMW 8,750 in interest before any withholding tax, about ZMW 729 a month.
That is ZMW 750 more 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 1,338 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 | 10.700% | 9.700% | ZMW 360m | ZMW 321m | ZMW 321m |
| 182-day | 9.500% | 9.500% | ZMW 410m | ZMW 6m | ZMW 6m |
| 364-day | 17.500% | 16.000% | ZMW 600m | ZMW 1.23bn | ZMW 1.23bn |
Source: Bank of Zambia result · cut-off yield rate at the auction
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Afronomics (2026). Zambia Treasury bill auction, 13 June 2024, compiled from the Bank of Zambia. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/zambia/2024-06-13
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