Zambia Treasury bills · auction of 19 February 2026
Zambia T-bill auction, 19 February 2026: 364-day at 14.00%, down 50 bps
At the Treasury bill auction dated 19 February 2026, the Bank of Zambia cleared the 91-day bill at 11.90% (down 10 basis points), the 182-day bill at 12.90% (down 10 basis points) and the 364-day bill at 14.00% (down 50 basis points). The rate shown is the cut-off yield rate at the auction.
The auction was fully subscribed: bids totalled ZMW 1.7bn against ZMW 1.7bn on offer, 102% of the amount sought, and ZMW 1.7bn was accepted.
At 14.00%, the 364-day rate is the lowest in the 25 auctions of the past year.
A year earlier the 364-day bill cleared at 15.10%, so the government is paying 110 basis points less than twelve months ago.
What this means for ZMW 50,000
Worked from the published rate · information, not advice
ZMW 7,000 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 57,000 after 12 months: ZMW 7,000 in interest before any withholding tax, about ZMW 583 a month.
That is ZMW 250 less than the same money would have earned at the previous auction.
For shorter money: ZMW 3,225 on the 182-day bill (6 months), ZMW 1,488 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 | 11.900% | 12.000% | ZMW 440m | ZMW 139m | ZMW 135m |
| 182-day | 12.900% | 13.000% | ZMW 500m | ZMW 152m | ZMW 145m |
| 364-day | 14.000% | 14.500% | ZMW 730m | ZMW 1.41bn | ZMW 1.41bn |
Source: Bank of Zambia result · cut-off yield rate at the auction
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Afronomics (2026). Zambia Treasury bill auction, 19 February 2026, compiled from the Bank of Zambia. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/zambia/2026-02-19
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