Reserve Bank of Malawi

Treasury Bills Calculator

Fill the fields below and click Calculate


  1. "Maturity Value (Face Amount) before Tax (MWK)" is what the bidder records on bid form alongside the "Annual Yield (%)" Click here to see an example
  2. “Actual Amount Invested Now” is the ACTUAL amount deducted from T-Bills investor on settlement date. Note that this amount may be slightly different from the “Planned Amount to be Invested” due to rounding down of “Maturity Value (Face Amount) before Tax” to the nearest thousand as per requirement when investing in government securities.
  3. Treasury Bills calculations here DO NOT include any fees commercial banks might charge in process of bidding. Investors are encouraged to verify processing fees with their commercial banks before investing in Treasury Bills
  4. The minimum amount to be recorded on the bid form (Maturity Value before Tax) is K10,000.00, in excess of which all quotations should be in multiples of K1,000.00. E.g. K13,000.00 or K1,259,000.00 (NOT K24,520.00)
  5. Non-competitive bids (NOCOB) are accepted to a maximum of K10 million per tenor per auction. Indicate the word "NOCOB" on the bid form instead of preferred Annual Yield when bidding non-competitively
  6. Anyone is eligible to invest in treasury Bills


This calculator is provided for general reference purposes only. Whilst every effort is made to ensure that the calculations are up to date and accurate, the Reserve Bank of Malawi does not accept responsibility for any loss that may arise from reliance on the information contained herein.