Zambia Treasury bills · auction of 23 July 2026
Zambia T-bill auction, 23 July 2026: 364-day at 12.20%, unchanged
At the Treasury bill auction dated 23 July 2026, the Bank of Zambia cleared the 91-day bill at 10.50% (unchanged), the 182-day bill at 10.95% (unchanged) and the 364-day bill at 12.20% (unchanged). The rate shown is the cut-off yield rate at the auction.
Demand was strong: bids totalled ZMW 2.8bn against ZMW 1.7bn on offer, 168% of the amount sought, and ZMW 2.8bn was accepted.
At 12.20%, the 364-day rate is the lowest in the 25 auctions of the past year.
A year earlier the 364-day bill cleared at 14.50%, so the government is paying 230 basis points less than twelve months ago.
What this means for ZMW 50,000
Worked from the published rate · information, not advice
ZMW 6,100 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 56,100 after 12 months: ZMW 6,100 in interest before any withholding tax, about ZMW 508 a month.
That is the same as at the previous auction.
For shorter money: ZMW 2,737 on the 182-day bill (6 months), ZMW 1,313 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 | 10.500% | 10.500% | ZMW 440m | ZMW 308m | ZMW 307m |
| 182-day | 10.950% | 10.950% | ZMW 500m | ZMW 460m | ZMW 439m |
| 364-day | 12.200% | 12.200% | ZMW 730m | ZMW 2.04bn | ZMW 2.04bn |
Source: Bank of Zambia result · cut-off yield rate at the auction
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Afronomics (2026). Zambia Treasury bill auction, 23 July 2026, compiled from the Bank of Zambia. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/zambia/2026-07-23
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