Zambia Treasury bills · auction of 20 February 2025
Zambia T-bill auction, 20 February 2025: 364-day at 15.00%, down 10 bps
At the Treasury bill auction dated 20 February 2025, the Bank of Zambia cleared the 91-day bill at 11.05% (down 45 basis points), the 182-day bill at 12.00% (unchanged) and the 364-day bill at 15.00% (down 10 basis points). The rate shown is the cut-off yield rate at the auction.
The auction was fully subscribed: bids totalled ZMW 2.1bn against ZMW 1.7bn on offer, 127% of the amount sought, and ZMW 2.1bn was accepted.
At 15.00%, the 364-day rate is the lowest in the 26 auctions of the past year.
A year earlier the 364-day bill cleared at 15.45%, so the government is paying 45 basis points less than twelve months ago.
What this means for ZMW 50,000
Worked from the published rate · information, not advice
ZMW 7,500 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 57,500 after 12 months: ZMW 7,500 in interest before any withholding tax, about ZMW 625 a month.
That is ZMW 50 less than the same money would have earned at the previous auction.
For shorter money: ZMW 3,000 on the 182-day bill (6 months), ZMW 1,381 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 | 11.049% | 11.499% | ZMW 440m | ZMW 193m | ZMW 192m |
| 182-day | 12.000% | 12.000% | ZMW 500m | ZMW 324m | ZMW 322m |
| 364-day | 15.000% | 15.099% | ZMW 730m | ZMW 1.61bn | ZMW 1.57bn |
Source: Bank of Zambia result · cut-off yield rate at the auction
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Afronomics (2026). Zambia Treasury bill auction, 20 February 2025, compiled from the Bank of Zambia. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/zambia/2025-02-20
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