Zambia Treasury bills · auction of 21 August 2025
Zambia T-bill auction, 21 August 2025: 91-day at 11.50%, unchanged
At the Treasury bill auction dated 21 August 2025, the Bank of Zambia cleared the 91-day bill at 11.50% (unchanged). The rate shown is the cut-off yield rate at the auction.
The auction was undersubscribed: bids totalled ZMW 305m against ZMW 440m on offer, 69% of the amount sought, and ZMW 304m was accepted.
At 11.50%, the 91-day rate is the highest in the 26 auctions of the past year.
A year earlier the 91-day bill cleared at 10.75%, so the government is paying 75 basis points more than twelve months ago.
What this means for ZMW 50,000
Worked from the published rate · information, not advice
ZMW 1,438 in 3 months on the 91-day bill
Put ZMW 50,000 into the 91-day bill at this auction and you get back ZMW 51,438 after 3 months: ZMW 1,438 in interest before any withholding tax, about ZMW 479 a month.
That is the same as at the previous auction.
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 | 11.500% | 11.500% | ZMW 440m | ZMW 305m | ZMW 304m |
Source: Bank of Zambia result · cut-off yield rate at the auction
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Afronomics (2026). Zambia Treasury bill auction, 21 August 2025, compiled from the Bank of Zambia. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/zambia/2025-08-21
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