Zambia Treasury bills · auction of 23 January 2025
Zambia T-bill auction, 23 January 2025: 364-day at 15.50%, unchanged
At the Treasury bill auction dated 23 January 2025, the Bank of Zambia cleared the 91-day bill at 11.50% (unchanged), the 182-day bill at 12.00% (up 188 basis points) and the 364-day bill at 15.50% (unchanged). The rate shown is the cut-off yield rate at the auction.
Demand was strong: bids totalled ZMW 3.5bn against ZMW 1.7bn on offer, 207% of the amount sought, and ZMW 2.2bn 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 15.45%, so the government is paying 5 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 the same as at the previous auction.
For shorter money: ZMW 3,000 on the 182-day bill (6 months), ZMW 1,437 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 | 11.499% | 11.499% | ZMW 440m | ZMW 973m | ZMW 972m |
| 182-day | 12.000% | 10.120% | ZMW 500m | ZMW 359m | ZMW 359m |
| 364-day | 15.500% | 15.500% | ZMW 730m | ZMW 2.12bn | ZMW 859m |
Source: Bank of Zambia result · cut-off yield rate at the auction
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Afronomics (2026). Zambia Treasury bill auction, 23 January 2025, compiled from the Bank of Zambia. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/zambia/2025-01-23
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