Zambia Treasury bills · auction of 17 April 2025
Zambia T-bill auction, 17 April 2025: 364-day at 14.50%, down 10 bps
At the Treasury bill auction dated 17 April 2025, the Bank of Zambia cleared the 91-day bill at 11.00% (unchanged), the 182-day bill at 12.00% (unchanged) and the 364-day bill at 14.50% (down 10 basis points). The rate shown is the cut-off yield rate at the auction.
The auction was undersubscribed: bids totalled ZMW 1.6bn against ZMW 1.7bn on offer, 93% of the amount sought, and ZMW 1.5bn was accepted.
At 14.50%, the 364-day rate is the lowest in the 26 auctions of the past year.
A year earlier the 364-day bill cleared at 15.50%, so the government is paying 100 basis points less than twelve months ago.
What this means for ZMW 50,000
Worked from the published rate · information, not advice
ZMW 7,250 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 57,250 after 12 months: ZMW 7,250 in interest before any withholding tax, about ZMW 604 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 1,375 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 | 11.000% | 11.000% | ZMW 440m | ZMW 317m | ZMW 317m |
| 182-day | 12.000% | 12.000% | ZMW 500m | ZMW 320m | ZMW 320m |
| 364-day | 14.500% | 14.600% | ZMW 730m | ZMW 914m | ZMW 913m |
Source: Bank of Zambia result · cut-off yield rate at the auction
Cite or reuse this data
Free to quote, chart and republish with the credit “Source: Afronomics, compiled from the Bank of Zambia” and a link to this page.
Afronomics (2026). Zambia Treasury bill auction, 17 April 2025, compiled from the Bank of Zambia. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/zambia/2025-04-17
Free, every weekday at 7:00
The Afronomics Morning
Africa’s markets before 7am: the currencies that moved overnight, the auction results that landed, what is due today and the headlines that matter. Plus the Weekly every Monday.