Zambia Treasury bills · auction of 3 October 2024
Zambia T-bill auction, 3 October 2024: 364-day at 18.00%, down 100 bps
At the Treasury bill auction dated 3 October 2024, the Bank of Zambia cleared the 91-day bill at 10.60% (down 15 basis points), the 182-day bill at 11.50% (down 50 basis points) and the 364-day bill at 18.00% (down 100 basis points). The rate shown is the cut-off yield rate at the auction.
Demand was strong: bids totalled ZMW 2.4bn against ZMW 1.1bn on offer, 218% of the amount sought, and ZMW 1.4bn was accepted.
Over the past year the 364-day rate has ranged from 14.96% to 19.00%.
A year earlier the 364-day bill cleared at 15.30%, so the government is paying 270 basis points more than twelve months ago.
What this means for ZMW 50,000
Worked from the published rate · information, not advice
ZMW 9,000 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 59,000 after 12 months: ZMW 9,000 in interest before any withholding tax, about ZMW 750 a month.
That is ZMW 500 less than the same money would have earned at the previous auction.
For shorter money: ZMW 2,875 on the 182-day bill (6 months), ZMW 1,325 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 | 10.600% | 10.750% | ZMW 290m | ZMW 7m | ZMW 7m |
| 182-day | 11.500% | 12.000% | ZMW 330m | ZMW 55m | ZMW 4m |
| 364-day | 18.000% | 19.000% | ZMW 480m | ZMW 2.33bn | ZMW 1.42bn |
Source: Bank of Zambia result · cut-off yield rate at the auction
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Afronomics (2026). Zambia Treasury bill auction, 3 October 2024, compiled from the Bank of Zambia. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/zambia/2024-10-03
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