At the Treasury bill auction dated 29 October 2026, the Bank of Zambia cleared the 91-day bill at 8.50% (unchanged), the 182-day bill at 9.10% (unchanged) and the 364-day bill at 10.00% (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, 186% of the amount sought, and ZMW 3.1bn was accepted.
At 10.00%, 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 450 basis points less than twelve months ago.
What this means for ZMW 50,000
Worked from the published rate · information, not advice
ZMW 5,000 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 55,000 after 12 months: ZMW 5,000 in interest before any withholding tax, about ZMW 417 a month.
That is the same as at the previous auction.
For shorter money: ZMW 2,275 on the 182-day bill (6 months), ZMW 1,063 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 | 8.500% | 8.500% | ZMW 440m | ZMW 897m | ZMW 895m |
| 182-day | 9.100% | 9.100% | ZMW 500m | ZMW 663m | ZMW 659m |
| 364-day | 10.000% | 10.000% | ZMW 730m | ZMW 1.54bn | ZMW 1.54bn |
Source: Bank of Zambia result · cut-off yield rate at the auction
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Afronomics (2026). Zambia Treasury bill auction, 29 October 2026, compiled from the Bank of Zambia. Retrieved 4 November 2026, from https://www.afronomicsfeed.com/markets/tbills/zambia/2026-10-29
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