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 RatesOct 27, 2021

Currency Buying Selling
EUR 936.2225 954.7541
GBP 1111.1283 1133.1219
USD 807.5060 823.4898
ZAR 54.4120 55.4890


Inflation Rates (%)Overall

12-Month 8.90 Sep - 2021
Non-Food: 7.20 Food: 10.90


Bank Rates

Effective Month
Policy Rate 12.00 Nov 2020
Reference Rate 12.20 Aug 2021
Lending Rate (Min) 12.20 Jul 2021
Lending Rate (Max) 23.95 Dec 2020
Savings Deposit Rate 4.35 Dec 2020