Zambia Treasury Bills & Bond Market
Live Zambian government debt, Bank of Zambia 91/182/273/364-day Treasury Bill auction yields and discount rates, plus tender history. Data sourced from the BoZ public Drupal JSON:API.
Current T-Bill Yields
Yield rate at the most recent BoZ Treasury Bill auction.
Recent BoZ Auctions
Bi-weekly Bank of Zambia Treasury Bill auctions. Yield rate is the effective annualised return; discount rate is the per-period discount applied to face value at issuance.
| Auction Date | Tenor | Yield Rate | Discount Rate | ISIN |
|---|---|---|---|---|
| May 28, 2026 | 182-day | 11.000% | 10.428% | ZM3000013927 |
| May 28, 2026 | 91-day | 10.500% | 10.232% | ZM3000013919 |
| May 28, 2026 | 273-day | 11.250% | 10.377% | ZM3000013935 |
| May 28, 2026 | 364-day | 12.500% | 11.114% | ZM3000013943 |
| May 14, 2026 | 91-day | 10.500% | 10.232% | ZM3000013877 |
| May 14, 2026 | 182-day | 11.000% | 10.428% | ZM3000013885 |
| May 14, 2026 | 273-day | 11.500% | 10.589% | ZM3000013893 |
| May 14, 2026 | 364-day | 12.500% | 11.114% | ZM3000013901 |
| Apr 30, 2026 | 364-day | 12.700% | 11.272% | ZM3000013869 |
| Apr 30, 2026 | 182-day | 11.500% | 10.876% | ZM3000013844 |
| Apr 30, 2026 | 91-day | 10.750% | 10.470% | ZM3000013836 |
| Apr 30, 2026 | 273-day | 12.000% | 11.012% | ZM3000013851 |
| Apr 16, 2026 | 91-day | 10.750% | 10.470% | ZM3000013794 |
| Apr 16, 2026 | 182-day | 11.850% | 11.189% | ZM3000013802 |
| Apr 16, 2026 | 273-day | 12.250% | 11.222% | ZM3000013810 |
| Apr 16, 2026 | 364-day | 12.900% | 11.430% | ZM3000013828 |
| Apr 2, 2026 | 182-day | 11.900% | 11.233% | ZM3000013760 |
| Apr 2, 2026 | 91-day | 10.850% | 10.564% | ZM3000013752 |
| Apr 2, 2026 | 273-day | 12.300% | 11.264% | ZM3000013778 |
| Apr 2, 2026 | 364-day | 13.000% | 11.508% | ZM3000013786 |
| Mar 19, 2026 | 91-day | 11.000% | 10.707% | ZM3000013711 |
| Mar 19, 2026 | 182-day | 11.995% | 11.318% | ZM3000013729 |
| Mar 19, 2026 | 273-day | 12.500% | 11.431% | ZM3000013737 |
| Mar 19, 2026 | 364-day | 13.250% | 11.704% | ZM3000013745 |
Source: Bank of Zambia · Auction results published on BoZ.zm.
About the Zambian sovereign debt market
The Bank of Zambia (BoZ) manages government debt issuance on behalf of the Ministry of Finance. T-bills are auctioned roughly every two weeks across four tenors, 91, 182, 273, and 364 days, and bought primarily by commercial banks acting as Primary Dealers.
Zambian sovereign rates are heavily influenced by copper prices (Zambia's largest export), Kwacha FX dynamics, and BoZ monetary policy decisions. Following the 2024-25 debt restructuring with bilateral creditors, T-bill issuance has normalised; longer-dated GRZ (Government Republic of Zambia) bonds also trade on the Lusaka Securities Exchange (LuSE) secondary market.
Zambia also has restructured Eurobonds following the 2020 default and the 2024 agreement with private creditors. Those trade in USD on international markets; Eurobond coverage on Mansa is planned in a future release.
Frequently asked questions
What is the current Zambia 91-day Treasury Bill rate?
The latest 91-day, 182-day, 273-day, and 364-day BoZ T-bill yields are shown live at the top of this page. T-bill rates track the BoZ monetary policy rate, copper prices (Zambia's primary export), and Kwacha exchange rate dynamics.
How often does the Bank of Zambia auction Treasury Bills?
Bi-weekly. The Bank of Zambia conducts Treasury Bill auctions roughly every two weeks, covering 91, 182, 273, and 364-day tenors. Results are published on the BoZ website.
Are Zambia T-bills tax-exempt for foreign investors?
Withholding tax applies to non-residents at 15% on interest income from Zambian government securities, though specific double-taxation treaties may reduce this. Domestic individuals are typically subject to 15% withholding on T-bill yields.
How do I buy Zambian Treasury Bills?
Through any Primary Dealer commercial bank (Standard Chartered Bank Zambia, Stanbic Bank Zambia, Zanaco, FNB Zambia, and others). Retail investors typically transact in the secondary market through their broker. The minimum bid is set by the BoZ at K1,000 nominal for non-competitive bids.
What's the difference between yield rate and discount rate?
T-bills are sold at a discount to face value. The discount rate is the percentage by which the purchase price is below face value. The yield rate is the effective annualised return on the investment, derived from the discount rate, holding period, and face value. The yield is what investors compare across instruments.