Zambia Treasury Bill Rates Today
Current Zambia Treasury bill rates from Bank of Zambia, plus how 91-day, 182-day, 273-day and 364-day bills work and how investors can access them.
Current Zambia Treasury Bill Rates
As of July 9, 2026, the latest official Zambia Treasury bill curve is shown below. Rates are dated auction observations in ZMW; the page never substitutes a manually typed rate, bond coupon or price.
Source: Bank of Zambia government-securities results. Full dated dataset: Zambia bond market.
What Are Treasury Bills in Zambia?
Zambia Treasury bills are short-term government securities issued or administered through Bank of Zambia. The standard market includes 91-day, 182-day, 273-day and 364-day, with investors receiving the maturity value after buying the bill at the auction or secondary-market price.
Zambia's domestic debt curve includes four standard short-term bill tenors and longer government bonds. Mansa keeps these instrument types separate so a coupon or bond price is not presented as a Treasury bill yield.
Local terminology: Treasury bills, cut-off yield, government-securities dealer and Zambian kwacha. The official yield convention matters: discount rate, effective yield and weighted average yield are related but not interchangeable.
How to Buy Treasury Bills in Zambia
Applications are normally placed through a commercial bank or licensed government-securities dealer connected to the Bank of Zambia process. Investors should request the current bid timetable, settlement instructions and maturity-payment terms from the chosen intermediary.
Choose a regulated channel
Use an authorised bank, dealer, broker or official depository route that can identify the security and explain its fees.
Select the maturity
Compare the available 91-day, 182-day, 273-day and 364-day bills using the same yield convention and a maturity that fits your cash needs.
Confirm price and settlement
Ask for the amount paid today, the maturity value, settlement date, charges and treatment if you need to sell before maturity.
Keep the allotment record
Retain the security reference, settlement confirmation and maturity instructions; verify that proceeds reach the nominated account.
How Treasury Bill Returns Work
Treasury bills are commonly issued at a discount: the investor pays less than the maturity value and receives the full face value when the bill matures. The cash gain is the maturity value minus the purchase amount, before fees and taxes.
An annualised auction rate is not the same as the percentage cash gain over a three- or six-month holding period. Investors should compare effective yields calculated on the same basis and confirm whether the published field is a discount rate, accepted yield or weighted average yield.
Recent Zambia Treasury Bill Auctions
Dated primary-market results. Amounts are shown in millions of ZMW where the official release supplies them.
| Auction date | Tenor | Yield | Offered | Allotted |
|---|---|---|---|---|
| July 9, 2026 | 91-day | 10.5000% | — | — |
| July 9, 2026 | 182-day | 10.9500% | — | — |
| July 9, 2026 | 273-day | 11.2000% | — | — |
| July 9, 2026 | 364-day | 12.2000% | — | — |
| June 25, 2026 | 182-day | 10.9500% | — | — |
| June 25, 2026 | 273-day | 11.2000% | — | — |
| June 25, 2026 | 364-day | 12.5000% | — | — |
| June 25, 2026 | 91-day | 10.5000% | — | — |
| June 11, 2026 | 91-day | 10.5000% | — | — |
| June 11, 2026 | 182-day | 10.9500% | — | — |
| June 11, 2026 | 273-day | 11.2000% | — | — |
| June 11, 2026 | 364-day | 12.4000% | — | — |
| May 28, 2026 | 182-day | 11.0000% | — | — |
| May 28, 2026 | 91-day | 10.5000% | — | — |
| May 28, 2026 | 273-day | 11.2500% | — | — |
Treasury Bills vs Savings, Fixed Deposits and Bonds
| Instrument | Typical term | Return | Main considerations |
|---|---|---|---|
| Treasury bill | One year or less | Discount or auction yield | Sovereign, inflation, currency and early-sale risk |
| Savings account | On demand | Bank deposit interest | Liquidity, bank terms and deposit-protection limits |
| Fixed deposit | Agreed bank term | Fixed deposit rate | Early-withdrawal penalty and bank credit exposure |
| Government bond | More than one year | Coupon plus price movement | Duration, market-price, inflation and liquidity risk |
Zambia Treasury Bills FAQ
What are Zambia Treasury bill rates today?
The latest validated Zambia Treasury bill observations as of July 9, 2026 are 91-day: 10.5000%, 182-day: 10.9500%, 273-day: 11.2000%, 364-day: 12.2000%. Mansa Markets pulls these dated rates from Bank of Zambia government-securities results; they are not manually entered estimates.
How can I buy Treasury bills in Zambia?
Applications are normally placed through a commercial bank or licensed government-securities dealer connected to the Bank of Zambia process. Investors should request the current bid timetable, settlement instructions and maturity-payment terms from the chosen intermediary. Access rules and minimum order sizes can change, so confirm the current requirements with a regulated institution before transferring money.
Are Zambia Treasury bills risk free?
Zambia Treasury bills are short-term obligations of the sovereign issuer and are generally treated as lower-credit-risk local-currency instruments. They are not free of inflation, currency, liquidity, reinvestment or sovereign risk, and selling before maturity can change the realised return.
What is the difference between a Treasury bill rate and return?
A quoted bill rate is an annualised auction measure, while the investor's cash return depends on the purchase price, maturity value, holding period, fees and tax treatment. Compare instruments using the same yield convention and maturity rather than comparing headline percentages alone.
How often do Zambia Treasury bill rates change?
Zambia rates can change at each scheduled Treasury bill auctions. Mansa Markets checks the official release pipeline and displays the underlying auction date, while this article is server-rendered on a six-hour cache window.