Malawi Treasury Bills & Bond Market
Live Malawi government debt, Reserve Bank of Malawi 91/182/364-day Treasury Bill auction yields, applied vs allotted amounts in MK millions, and historical tender results.
Current T-Bill Yields
Average yield at the most recent RBM Treasury Bill auction by tenor.
Recent RBM Auctions
Treasury Bill auctions held by the Reserve Bank of Malawi. Yield is the average rate at which bills were allotted; amounts are in MK million face/cost value.
| Auction Date | Tenor | Yield | Allotted | Applied |
|---|---|---|---|---|
| May 26, 2026 | 91-day | 12.0000% | K49.13 mn | K49.13 mn |
| May 26, 2026 | 182-day | 15.0000% | K5,000 mn | K5,000 mn |
| May 26, 2026 | 364-day | 16.5000% | K44,940.76 mn | K44,940.76 mn |
| May 25, 2026 | 182-day | 15.0000% | K3,243.72 mn | K3,243.72 mn |
| May 25, 2026 | 364-day | 16.5000% | K10,015.76 mn | K10,015.76 mn |
| May 20, 2026 | 91-day | 12.0000% | K2,841.45 mn | K2,841.45 mn |
| May 20, 2026 | 182-day | 15.0000% | K22,829.71 mn | K22,829.71 mn |
| May 20, 2026 | 364-day | 16.4473% | K19,356.89 mn | K19,356.89 mn |
| May 13, 2026 | 91-day | 12.0000% | K9,371.79 mn | K9,371.79 mn |
| May 13, 2026 | 182-day | 15.0000% | K31,013.89 mn | K31,013.89 mn |
| May 13, 2026 | 364-day | 16.4464% | K100,427 mn | K100,427 mn |
| May 6, 2026 | 182-day | 15.0000% | K39,457.78 mn | K39,457.78 mn |
| Apr 28, 2026 | 182-day | 15.0000% | K4,170.33 mn | K4,170.33 mn |
| Apr 28, 2026 | 364-day | 16.5000% | K85,829.67 mn | K168,588.16 mn |
| Apr 22, 2026 | 91-day | 12.0000% | K30,947.83 mn | K30,947.83 mn |
| Apr 22, 2026 | 182-day | 15.0000% | K600 mn | K600 mn |
| Apr 22, 2026 | 364-day | 16.5000% | K40,659.52 mn | K153,089.89 mn |
| Apr 2, 2026 | 91-day | 12.0000% | K0.29 mn | K0.29 mn |
| Apr 2, 2026 | 364-day | 17.0000% | K168,357.62 mn | K168,357.62 mn |
| Apr 1, 2026 | 364-day | 17.0000% | K4,737.97 mn | K4,737.97 mn |
| Mar 31, 2026 | 91-day | 12.0000% | K75.13 mn | K75.13 mn |
| Mar 31, 2026 | 182-day | 15.0000% | K42,212.72 mn | K42,212.72 mn |
| Mar 31, 2026 | 364-day | 17.0000% | K134,562.77 mn | K134,562.77 mn |
| Mar 24, 2026 | 91-day | 12.0000% | K834.94 mn | K834.94 mn |
| Mar 24, 2026 | 182-day | 15.0000% | K800 mn | K800 mn |
| Mar 24, 2026 | 364-day | 17.0000% | K41,041.98 mn | K115,858.62 mn |
| Mar 17, 2026 | 91-day | 12.0000% | K9,709.51 mn | K9,709.51 mn |
| Mar 17, 2026 | 182-day | 15.0000% | K18,616.21 mn | K18,616.21 mn |
| Mar 17, 2026 | 364-day | 17.0000% | K22,445.14 mn | K44,445.14 mn |
| Mar 16, 2026 | 182-day | 15.0000% | K9.5 mn | K9.5 mn |
Source: Reserve Bank of Malawi · Auction result PDFs published on rbm.mw.
About the Malawi sovereign debt market
The Reserve Bank of Malawi (RBM) issues Treasury Bills and Treasury Notes on behalf of the Ministry of Finance and Economic Affairs. T-bills are auctioned multiple times a week across three tenors, 91, 182, and 364 days, and are bought primarily by commercial banks, pension funds, and insurance companies acting as Primary Dealers.
Malawi sovereign rates are influenced by the RBM Policy Rate, Kwacha exchange rate dynamics, and seasonal liquidity tied to tobacco and tea export receipts. The Malawi Stock Exchange (MSE) also lists longer-dated Treasury Notes that trade on the secondary market.
Unlike most African sovereigns, Malawi does not have outstanding Eurobonds; external financing comes primarily from multilateral lenders (IMF, World Bank) and bilateral concessional debt.
Frequently asked questions
What is the current Malawi 91-day Treasury Bill rate?
The latest 91-day, 182-day, and 364-day RBM T-bill yields are shown live at the top of this page. Malawi T-bill yields move with the RBM Policy Rate, Kwacha exchange rate stability, and tobacco export season liquidity.
How often does the Reserve Bank of Malawi auction Treasury Bills?
Weekly. The Reserve Bank of Malawi conducts Treasury Bill auctions roughly twice a week across 91, 182, and 364-day tenors. Results are published on the RBM website as one-page PDFs.
Are Malawi T-bills tax-exempt?
Interest on Malawi government securities is subject to withholding tax. Resident individuals and corporates face a withholding tax on interest income; non-residents are taxed at standard rates that may be reduced by applicable double-taxation treaties.
How do I buy Malawi Treasury Bills?
Through any RBM-approved Primary Dealer commercial bank, including Standard Bank Malawi, National Bank of Malawi, NBS Bank, FDH Bank, and Centenary Bank. Retail investors place bids via their bank during the weekly auction window.
What's the difference between face value and cost value in RBM auctions?
Treasury Bills are sold at a discount. The face value is what RBM pays at maturity (the redemption amount). The cost value is what the buyer pays at auction, face value minus the discount. The yield rate captures the annualised return implied by that discount over the tenor.