Zambia Treasury bills · auction of 17 September 2026
Zambia T-bill auction, 17 September 2026: 364-day at 10.90%, down 100 bps
At the Treasury bill auction dated 17 September 2026, the Bank of Zambia cleared the 91-day bill at 9.00% (down 150 basis points), the 182-day bill at 10.05% (down 80 basis points) and the 364-day bill at 10.90% (down 100 basis points). The rate shown is the cut-off yield rate at the auction.
Demand was strong: bids totalled ZMW 5.3bn against ZMW 1.7bn on offer, 318% of the amount sought, and ZMW 2.6bn was accepted.
At 10.90%, the 364-day rate is the lowest in the 26 auctions of the past year.
A year earlier the 364-day bill cleared at 14.50%, so the government is paying 360 basis points less than twelve months ago.
What this means for ZMW 50,000
Worked from the published rate · information, not advice
ZMW 5,450 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 55,450 after 12 months: ZMW 5,450 in interest before any withholding tax, about ZMW 454 a month.
That is ZMW 500 less than the same money would have earned at the previous auction.
For shorter money: ZMW 2,512 on the 182-day bill (6 months), ZMW 1,125 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 | 9.000% | 10.500% | ZMW 440m | ZMW 650m | ZMW 314m |
| 182-day | 10.050% | 10.850% | ZMW 500m | ZMW 1.15bn | ZMW 677m |
| 364-day | 10.900% | 11.900% | ZMW 730m | ZMW 3.50bn | ZMW 1.58bn |
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 September 2026, compiled from the Bank of Zambia. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/zambia/2026-09-17
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.