Zambia Treasury bills · auction of 14 November 2024
Zambia T-bill auction, 14 November 2024: 364-day at 15.50%, down 50 bps
At the Treasury bill auction dated 14 November 2024, the Bank of Zambia cleared the 91-day bill at 10.00% (unchanged), the 182-day bill at 10.00% (unchanged) and the 364-day bill at 15.50% (down 50 basis points). The rate shown is the cut-off yield rate at the auction.
Demand was strong: bids totalled ZMW 2.0bn against ZMW 1.1bn on offer, 179% of the amount sought, and ZMW 2.0bn was accepted.
Over the past year the 364-day rate has ranged from 15.45% to 19.00%.
A year earlier the 364-day bill cleared at 15.00%, so the government is paying 50 basis points more than twelve months ago.
What this means for ZMW 50,000
Worked from the published rate · information, not advice
ZMW 7,750 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 57,750 after 12 months: ZMW 7,750 in interest before any withholding tax, about ZMW 646 a month.
That is ZMW 250 less than the same money would have earned at the previous auction.
For shorter money: ZMW 2,500 on the 182-day bill (6 months), ZMW 1,250 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 | 10.000% | 10.000% | ZMW 290m | ZMW 125m | ZMW 125m |
| 182-day | 10.000% | 10.000% | ZMW 330m | ZMW 128m | ZMW 128m |
| 364-day | 15.500% | 16.000% | ZMW 480m | ZMW 1.72bn | ZMW 1.72bn |
Source: Bank of Zambia result · cut-off yield rate at the auction
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Afronomics (2026). Zambia Treasury bill auction, 14 November 2024, compiled from the Bank of Zambia. Retrieved 3 October 2026, from https://www.afronomicsfeed.com/markets/tbills/zambia/2024-11-14
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