Zambia Treasury bills · auction of 8 August 2024
Zambia T-bill auction, 8 August 2024: 364-day at 19.00%, up 50 bps
At the Treasury bill auction dated 8 August 2024, the Bank of Zambia cleared the 91-day bill at 10.75% (unchanged), the 182-day bill at 13.00% (up 100 basis points) and the 364-day bill at 19.00% (up 50 basis points). The rate shown is the cut-off yield rate at the auction.
Demand was strong: bids totalled ZMW 2.1bn against ZMW 1.4bn on offer, 157% of the amount sought, and ZMW 2.1bn was accepted.
At 19.00%, 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 295 basis points more than twelve months ago.
What this means for ZMW 50,000
Worked from the published rate · information, not advice
ZMW 9,500 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 59,500 after 12 months: ZMW 9,500 in interest before any withholding tax, about ZMW 792 a month.
That is ZMW 250 more than the same money would have earned at the previous auction.
For shorter money: ZMW 3,250 on the 182-day bill (6 months), ZMW 1,344 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 | 10.750% | 10.750% | ZMW 360m | ZMW 10m | ZMW 10m |
| 182-day | 13.000% | 12.000% | ZMW 410m | ZMW 26m | ZMW 26m |
| 364-day | 19.000% | 18.500% | ZMW 600m | ZMW 2.11bn | ZMW 2.10bn |
Source: Bank of Zambia result · cut-off yield rate at the auction
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Afronomics (2026). Zambia Treasury bill auction, 8 August 2024, compiled from the Bank of Zambia. Retrieved 3 October 2026, from https://www.afronomicsfeed.com/markets/tbills/zambia/2024-08-08
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