Reserve Bank of Malawi

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91 Days Treasury Bills

The 91 Days Treasury Bills are debt obligations issued by RBM on behalf of the Government of Malawi for the 3 months either a discount or face value, at a competitive auction on a weekly basis. At a discount means the instrument is sold to an investor, at below the face value. The difference between the discounted price and the face value determines the yield/interest earned. The yield on a 91-day Treasury Bils is the average 91-day discount rate.

Lender use the 3 months average rate, to adjust interest rates on the loans and corperate bond as economic conditions change. The then add a certain number of percentage points called a margin, which doesn't vary, to it to establish the interest rate they must pay or earn in the case of a corperate bond tied to it also goes up. Blow are the 91-day Treasury Bill Average Rates for the year 1994 to date:

Exchange RatesApr 08, 2020

Currency Buying Selling
EUR 792.7314 808.5844
GBP 898.3851 916.3510
USD 729.1495 743.7311
ZAR 39.8486 40.6455


Inflation Rates (%)Overall

12-Month 11.00 Feb - 2020
Non-Food: 5.40 Food: 17.00


Bank Rates

Effective Month
Bank Rate 13.50 May 2019
Reference Rate 13.4 Feb 2020
Lending Rate (Min) 13.4 Feb 2020
Lending Rate (Max) 25.35 Jan 2020
Savings Deposit Rate 4.47 Oct 2019