Zambia Treasury bills · auction of 22 January 2026
Zambia T-bill auction, 22 January 2026: 364-day at 14.50%, unchanged
At the Treasury bill auction dated 22 January 2026, the Bank of Zambia cleared the 91-day bill at 12.00% (unchanged), the 182-day bill at 13.00% (unchanged) and the 364-day bill at 14.50% (unchanged). The rate shown is the cut-off yield rate at the auction.
Demand was strong: bids totalled ZMW 3.1bn against ZMW 1.7bn on offer, 184% of the amount sought, and ZMW 3.0bn was accepted.
At 14.50%, the 364-day rate is the lowest in the 25 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 the same as at the previous auction.
For shorter money: ZMW 3,250 on the 182-day bill (6 months), ZMW 1,500 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 | 12.000% | 12.000% | ZMW 440m | ZMW 223m | ZMW 119m |
| 182-day | 13.000% | 13.000% | ZMW 500m | ZMW 981m | ZMW 979m |
| 364-day | 14.500% | 14.500% | ZMW 730m | ZMW 1.87bn | ZMW 1.87bn |
Source: Bank of Zambia result · cut-off yield rate at the auction
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Afronomics (2026). Zambia Treasury bill auction, 22 January 2026, compiled from the Bank of Zambia. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/zambia/2026-01-22
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